I would do that if I had unlimited smerits and, in fact, that was what I was doing before.
The problem with that is that I find interesting posts soon, and I run out. So, when I find more interesting posts, I dont have merits to send. With limited smerits, I consider awarding posts written by a Legendary member a waste. With Hero members is not so much of a waste, but they get them easily.
One problem could arise with that kind of mindset. You will surely find an interesting post from a lower rank member but because you are running out of smerit, you will probably think that you will encounter an even more interesting post from other members and you will end up hoarding your sMerits although not intentionally.
I reviewed the sMerits I sent to members and found out that most them went to higher ranking members tho I merited one jr.member whose posts really piqued my interest. My point is, I will still merit posts regardless of ranks.