I like the basis of the idear, however i do think there are a couple high-ranking members that post only very seldomly... If they have only made 1 or 2 posts since the merit system was introduced, they risk losing their sigspace if this system were to be automated. Granted, those members aren't in a sigcampaign to begin with, but they do use their sigspace to promote threads, promote their own businesses, insert funny quotes, show the address of their tipjar,...
I guess it might be better if mods had the power to disable signatures for everybody who received less than 1 merit in the last month... That way the mod could use his own judgement wether or not the person in question is a spammer, or just a very low volume poster that just didn't receive any merits because of their low post frequency.
Just my personal opinion tough...