Less reparations (and no inclusions of pensions, so the only reparations would be on damage to civilian property (so mostly in France and Belgium) and more importantly that the annuity were to be determined by a commission that Germany was a part of. I don't know if the French were willing to let go of the Military restrictions, but they were willing to talk about the territorial concessions (so probably no Saar mandate, i don't know enough about who pushed for the territorial changes in the east [probably Wilson though]). France would probably refuse unification between Austria and Germany without very solid insurance from the German side.
In fact what the Germans should have realized was that France as the smallest power (outside of Italy) remaining after the first WW wanted only security (and not to rely on the Anglo-Saxon, who were unreliable as was proven afterward), not revenge.
OK, I've read your source now. And tried to find some countercheck, even though its mentioned already that there should be no records of it from german side - what really puzzles me, since rerarations were for the germans a awfull big theme. But I could not find anything in the archives of Reichs-chancellery as well as in the archives of the german foreign office (from 1918 to 1945 they are published).
However, as a german politician I would have been very suspicious about such "overtures".
What guarantees could they give to stand to their word ? ... and being able to push their scheme through ? France wasn't able to decide this issue on itself.
Then the question for discretion and the rather conspirational approach. Nothing in writing, only some words and these not comming or related to the BIG man (Clemenceau) himself.
And beside the possible reduction of reparations (from what sum ? at that moment not known at all) they made no offers, only some very cloudy "maybe"s.
In case there has been such offers by the french (of waht I am not fully convinced yet), I could understand the germans about NOT jumping on them very well.
Other than that, from the knowledge of this source, I would say the french tried again what they couldn't achive in the beging : by taking germany as hostage to move/force Britain and especially the USA into a postwar continuation of interlocked, statecontrolled worldwide economy-block (with swaying away the interallied [french] wardebts), as they established in the latter part of the war.