Frankly I feel it should be abolished. Despite my great uncle being a Hounds Master (The Earl of Minto blew the bugle at his graveside), I feel that it is outdated in it's current form. There is no need for a hunt any more. The animals that they hunt are not sufficiently invasive to warrant it. In the Scots Borders we have the Common Ridings, it doesn't involve hunting animals. By all means continue to wear the fancy outfits on a riding if you get off on that sort of stuff, but let the hunting dog tradition die off. It's cruel to the hounds as well as the prey.
Just let it go. We don't own slaves anymore; we don't behead queens for the sin of not bearing male children anymore; we don't send small children up chimneys or into looms anymore. We can let this silly tradition die out too.