This sounds like an amazing idea to not only fix the bot problem, but also to make reputation much more meaningful while limiting bandwidth for those that don't deserve it.

On the other hand, it seems that you're saying those with high reps and high stakes will essentially be gods on the platform, with even more say with what goes on than on here. There must be enough at the top to keep others in check, and I haven't the slightest clue what number/percentage is ideal, but if the top weight/rep is concentrated in few hands, the probabilities of an oligarchy forming are quite high IMO.