I don't find tokenization a problem in the least. A few dozen have already been created on Steem-Engine. The PAL token seems to be working fine. Its USD value is something like 14 cents at the moment.
But as for the Steem inflation or reward pool, I would hand the distribution of that over to the "wisdom of the crowd" with equal weighted voting.
Anyone could create as many accounts as they wished and game the system that way. This is why Voice has an account creation system where all accounts must be associated with a hash of a set of unique biometrical data acting as Proof-of-Life. That is the only way to create an account-based system that cannot be trivially gamed.
They can only game the system because RCs are used to create accounts. The trick is to separate the incentives of investors and content curation. Burning STEEM to create accounts is an effective method for doing it, but is problematic for on-boarding. The bio hash concept is fairly good, but Minds.com uses a phone number. The phone number idea is my favorite, because you can identify the burner numbers, requiring the individual to actually use their rule phone number. Its not perfect, but it is helpful.
Alternatively, what if we beefed up the reputation system? We could make a person's vote value be based on the account's reputation level. Right now reputations are worthless digits next to a name, but the old Silkroad black market taught a valuable lesson: if the reputation system is crucial people behave themselves.
I think creating a better reputation system could be a worthwhile endeavor. But I'm afraid that, too, would be gameable using off-chain money transfers to buy into a higher reputation if it depended on endorsements. On the other hand, that would, after all, put money into the pockets of the little guy.