My gentle suggestions:
4. Close the thread as soon as all bounties have been distributed.
I dont agree with this, what if the delay between the completion of the project and the distribution of bounties for 6 months (even longer than the time of the bounty took place). Most of the bounty report spammers are they don't read the deadline for the completion of the program. If i were a bounty manager, I would lock immediately after the bounty was closed by leaving the last message as an announcement (with a larger writing format that can make them realize that they don't have to waste any more time making their next report).