There is already a process - merit source applicants need to post a thread in Meta, theymos needs to review it. Not sure if he's not reviewing, not finding suitable applicants, not seeing the need for more than 80, but I don't see how a Legendary vote would fix that.
I even seen a list created by someone, I can't find it now though. In that list I have seen several applicants, may be 15 to 20 (?)
I am not sure but I feel like this Legendary voting will create a mess.