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Nah. This is inherently flawed, because much like the present system, an intercept can be inserted at any point in the hierarchy to favour the rich and mighty.
Every system is inherently flawed. Unlike the present system, that intercept is subject to the familiarity and constant scrutiny of their peers and immediate constituency.
I don't share your idealism, friend, but I admire you for it.
Like I said, every system is vulnerable to exploitation. I tried to advocate a system that minimizes opportunities for corruption; perfect is the enemy of good enough. If you know a less corruptible model, I'm happy to listen.