I love this idea, but with so many shitcoins already on the market and so many shitcoins being created all the time, there have to be other criterium.
I think a huge obstacle is going to be getting an exchange on board. Cryptsy and CoinedUp keep adding new shitcoins. BTC-e hasn't added any new coins in some time. While a huge obstacle to tackle, any foundation is going to have to either a) promote an exchange that uses ONLY FairCoin approved coins; or b) create an exchange that ONLY adds approved coins.
Creating an exchange would be the best solution, it would be an elite club that only coins of the highest standards will be permitted to trade upon.
This would obviously be a large undertaking, but not impossible.