It's an interesting idea. One potential problem I see is that everyone might just "jump on the easy target" and all downvote the same post. But if you only get the downvote benefit to the amount that you reduce the post rewards, I guess that's easily avoided. In other words, downvoting a zero value post wouldn't get you any downvote benefit, so you would have to find posts that hadn't already been downvoted into oblivion.
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You will affect the reputation of the "target" whose post you downvoted if your reputation is higher than them though. That is why I am not in favor of forced downvoting, unless there is a way to downvote a post without reducing the reputation of the post owner.
By the time anything like this might be implemented, I think it's safe to assume that the existing reputation system will have likely been replaced by something that works quite differently.