In theory, yes, and I will vote to stay in - out of lack of a better option. Seeing as Iceland is basically a small town on a cold volcano (and hardly in a great economic shape itself) and Norway is an unusually well-run petrostate, I highly doubt they can really be model countries.
However the institution should really be razed. In particular, I'd abolish the Commission and give the Parliament binding powers.
Icelandic economy is doing great, their tourist sector has never been bigger and unemployment is at a record low, but yeah, those two countries are special, although your "Norway is a petrostate" line is somewhat exaggerated - and tiresome. Hydroelectric power with attached industries, fisheries and shipping are equally important. Norway simply has a lot of resources, the same goes for Iceland - and both countries having lots of cheap (and clean) electricity gives them a lot of freedom.
I would prefer to cut the EU down to basics - the inner market and a few rules against social and environmental dumping, at thats it. Drop the Euro etc. and all the federalist crap and return to a Europe of Nations. No commission, no parliament, no subsidies, no "foreign policy", keep defence cooperation elsewhere, no Schengen. Just keep it simple.
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