The baseball HOF is a museum that chronicles the history of baseball. Steroids, for better or worse, are part of that history. The appropriate measure is not to bury baseball's head in the sand and forget that Bonds, ARod, Rose, or whoever simply didn't exist. They should be in there, warts and all, and let the public decide how to view them. The only fair way to do the Hall of Fame is to let all that would qualify and put them in a separate wing or something. They'd have to make some notation about the era in the organization of the Hall.
If they played in the 90s and 00s, they should be in with the caveat that "this was the era that encouraged the proliferation of performance-enhancing substances. View accomplishments with that in mind" etc. or something like it.