Maybe a combination of the classical time control and armageddon would be worth trying as it would at least ensure that all games in a world championship match don't end up drawn, something along the lines of playing 8 games in the existing classical time control format but playing the remaining 4 games in a classical armageddon format where white would get say 4 hours for all moves while black would get only 3 hours for all moves but obviously white must win to score the point whereas black only has to draw, this format would at least guarantee a winner in a minimum of 4 out of the 12 games (excluding stalemates and 3 fold repititions etc).
Armageddon game with a classical time control is a very bad idea. Two similarly skilled players mean that whoever has black and draw odds will easily win, since drawing in classical is not difficult for players at that level, even when they dont have an outright incentive to do so.
swiss is the best armageddon , winner is one who collect most victories