Susan,
Agreed, but there should be complete alignment between on-ground and online policies with respect to academic, financial and related policies.
I assume when you referred to "governing bodies" you meant to include accreditation as an additional consideration. Accreditation associations place many more prescriptive and restrictive requirements on online program delivery than "governing" bodies; their oversight includes policy alignment as a key element of distance education policies.
I disagree in part, with your statement that "...faculty should be given an opportunity to revise or tweak policies to suit their teaching styles and methodologies". Faculty certainly have the flexibility to adjust their pedagogical approach, but they should not have the freedom to "tweak policies", this can lead to issues with both regulatory and accreditation agencies. Policy adjustments are the responsibility of the administration, not the faculty.
Dr. Robert R. Roehrich