Note that specifically isn’t a danger even without #3. #3 is just about formally revoking PSF membership. It’s already the case that any member can be, e.g., banned from posting on PSF forums, barred from attending PSF events, and kicked out of the Github development process. Those are mostly (all?) Steering Council decisions, and the Board isn’t directly involved.
That’s not just “in theory”. Multiple members have been thusly treated, The controversy, when there’s any, is already history by the time the new #3 would kick in.
According to the current bylaws, the only way now to finish this process (i.e., to formally revoke membership) is by a 2/3rd vote of all voting members. But nothing in the bylaws spares anyone from being effectively purged from “the community” before then. All that remains is to strike their name from the relevant member roster and voting roll (if applicable).