Instead of trying to guide the market, some legitimate group could create a floor to the market which could add some stability (but it would also rapidly increase the price short term).  For example, if a Bitcoin Reserve Board guaranteed that they would exchange $30 USD for any BTC right now then flash crashes would theoretically be lessened since there would be less panic that the price could drop to 0.  The entity would have to be highly trusted and they'd probably never have to pay anything out since the individual markets would create their own walls at their guaranteed price knowing that the guarantee exists.  Their guarantee wouldn't have to be high for it to have an impact and a guarantee by a trusted organization would also provide a response to claims that "Bitcoin isn't backed by anything".

If someone or some group with very deep pockets wanted to assist stability, I think this would be the way to do it instead of attempting to fully control the market.