Possible, but not many users are willing to do it.
I have to admit it's a boring and robotic job LOL
I guess with the incentive of badges it will increase the likelihood of users that didn't report before to start too, but that's only a good thing in my opinion.
The badges will work like tonic IMO. Members will see the badges on other profiles or under their usernames and they will get curious to know about it. Out of curiosity they will start reporting and who knows from them we may find someone who will wear the toppest badge.
Imagine every single member has reported at least 10 posts - meaning
428,364 * 10 = 4,283,640 (
over 4 and a quarter millions) reports! Welsh and other mod gang... get ready for the biggest flood of the history
