In general, that's how these applications work I agree, but Theymos has also been known to tap people to be merit sources without them even applying, like he did a year or two ago.  That was sort of an unusual case, however.  I think Theymos suddenly realized that he needed way more merit distribution than he was getting and made merit sources out of some members that he handpicked based on his own criteria.  The forum doesn't seem to be in that kind of crisis right now, though, and I would also suggest that OP follow the standard way of applying to be a merit source (and not the lazy way).

Good point about those merits having value and why Theymos shouldn't just hand sMerits out to anyone willy-nilly.  That said, I think OP's intent is probably sincere and I doubt he's looking to abuse the merit system.