Your idea is good and it can help to an extent, and i also buy the idea LoyceV adopted by tagging every member that has the 50+ meirt on mention as i also got notified through that as well, i will also like to give this in addition to all you've both suggested that at least every active forum member should occasionally visit Reputation if not twice then once a week to check for any update as that's where the forum/members affairs discussions were been channeled, it could also help to know more about the forum and other crucial updates needed to be pass across.
It will only be useful if you use a bot service, so what if they don't use that notification bot?
This Award Thread will last for 60 days or 2 months. The information will spread quickly and people will realize it sooner or later especially if there are users who are willing to post their translation thread on local board. But I think admin can embed it in an announcement on the homepage or in one of the factoid slots if they want, it will help people notice it.
However, usually several merit will lure many people to post their nomination.
