That's a kind of formula already the ancient Greek laboured with: If the tyrant in a good man then hypothetically it all should turn out alright. Unfortunately the position of tyrant itself corrupts, and so eventually the good-man-as-tyrant-situation turns sour. People should rather be subject to and ruled by laws than tyrants.The idea of ''people are dumb, so they shouldn't rule themselves'' has another side of the coin: What of the paternal leaders who are supposed to guide the people? They are still human after all and can make as many mistakes as anyone and so are equally ''dumb''. We can see in cases like North Korea where the leaders, who should care for their people just enrich themselves and push their people aside.
The only good dictatorship like this is enlightened absolutism, but this depends on the monarch winning the birth lottery and being born intelligent with a desire to learn, advance his nation and be benevolent to his people which is very, very rare.
I think that a compromise and a ''good'' government is some form of a semi-constitutional monarchy were power is shared between a powerful monarch and a democratic parliament, but people, being people will always find a way to find flaws in everything. Utopia is impossible to create and an ideal government can not exist, trying to create it will usually make a Dystopia.