I was planning to just move the porch light to the center of the ceiling, but when I pulled off the siding to take a look at the wiring I was amazed the house hadn't burned down yet with the multiple splices. I ended up rewiring it all the way back to the panel. I disconnected the original wires inside the wall and drilled a hole through the side of the house to run a new electrical line to the porch light switch inside. A little bit of spray foam sealed the hole back up.
I installed a new breaker in the box and ran the porch light, a weatherproof GFCI outlet on the end of the porch, a floodlight set on the back side of the porch and a switch to turn the floods on and off. I cut a channel in the wood siding behind the vinyl siding for the new wiring to run, and replaced the vinyl siding to cover the wire.
I'm not an electrician but I have enough experience with this and have done enough studying that I am comfortable opening the main breaker box without frying myself (or others) and am reasonably confident that everything is done perfectly to code, even though there's no inspector way out here.