I don't think many people are arguing for being totally isolationist - labour migration has always taken place. It is the control of borders that needs to be implemented. Nor indeed would trade suddenly grind to a halt if the Eu ceased to exist. During the Cold War I went behind the Iron Curtain on business. During the apartheid era I went to South Africa. The political structures of the countries was immaterial to whether we could trade or not. Goods and services were offered and paid for and everyone was happy except for the political activists. Trade with the EU would be no different.
On the question of EU laws, the past couple of decades has also shown that over legislation is alive and well in this country. In the Blair/Brown years, if there wasn't a law they would make one on principle. Thanks to them you can't even fart these days without being Gas Safe registered. Yes, regulation does come out of Brussels and yes it affects everyone, but no one is reasonably saying that the burden is overwhelming. Stupid legistlation - yes, but not overwhelming. Aside from setting rules to allow free trade, there is little or nothing that the EU does which is beneficial to its citizens. You don't have to form a cozy club to be friends.
If we did leave the EU,presumably the French would organise blockades at Calais - the bad news for them is that we already suffer that. If they have a grievance with anything in Europe, they blockade Calais. B****r the rule book, they act in a way that is traditionally French, i.e. stick two fingers up. We are accused of being selective in Europe. We are not the only ones. There are 27 in the queue behind us. As Jaggy intimated at the top of the thread, the EU is the wrong structure for what it wants to do. It is however, incapable of change because of entrenched vested interests.