I like the idea, but it cannot be all about merit. It should involve activity, merit, and trust ho have a more "holistic" adherence to the spirit of the forum.
I would use the "most recognised" feature in bpip.org:
https://bpip.org/Report?r=mostrecognizedGreat idea.
Alternatively, just like you have set merit as a multiplier, you can also use posts and activity!