Nothing should be based on reputation. It can be bought and is really only a representation of the amount of SP that has upvoted you in the lifetime of your account.

Just had to get this out of the way.

I like where you're going with this, and I think it could work with playing around with some of the numbers. I also like the idea of diluting (or condensing) the vote. That would essentially allow for some power balance for those of us who are lower on the totem in the SP area.