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It's hard to imagine worse governance than the Bush/Obama years as far as entitlement expansion, debt, and increased regulation.
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If he can repeal most of Obamacare (only the budget-related items can be repealed without 60 votes), get rid of Obama's executive orders, cancel the Iran treaty, and do something to reform our tax system it would be a success. I think this agenda is perfectly achievable in the 2 years he will have a Republican congress.
Whatever Trump doesn't need 60 votes for is obviously fair game. Anything unilaterally created by the executive branch may also be destroyed, and he has wide latitude in foreign policy.
I do not know if your deficit-reduction dreams will be realized by infrastructure stimulus and tax cuts, but, again, who knows what will ultimately be proposed – certainly neither anything he said nor put into words on his transition website can be reliably believed.