One game that uses a wiring system, that you guys could also draw inspiration from, is Prison Architect. It already has a logic gate system in place, and has some different wiring mechanics than what Terraria currently utilizes.
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There have already been a ton of items and mechanics added to the game to make wire placement easier; but one thing that I think would REALLY help, and I'm sure this has already been mentioned, is the ability to instantly connect wires over long distances. Some ideas on how this can be accomplished:
1) By way of the world map: you place two objects, open the world map, and are able to select the two objects to be connected.
2) Marked objects: using a new tool, similar to a hammer, you can mark objects to be connected to each other (two objects marked as "A" get connected together, and another two objects marked as "B" can be connected separately). Once marked, wires can either be instantly connected, or perhaps connected using a sort of "ghost path," where wires can be placed one at a time towards their destination (like rope).
The only problem that I see with this, and why I understand it might not be in the game already, is that it probably feels too much like a map editor.
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Another idea is an "electrical conduit" block/platform. It's an item that can be walked on/actuated, but that can actually serve to connect objects. This would help make long-distance connections easier, and would provide for some interesting builds and designs.
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A "wifi" item would be cool. You can place one on an item, give it a value via a tool or right-click, and then connect it to another item the same way. No wires needed.
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A wiring multi-tool, as has been mentioned a few times already I believe. What I imagine is simply a wrench/wire-cutter combination, so that you can right click wiring to remove the wires without having to switch items, much like you can with torches.