Human decisions are key, see my response above about registered dolphin curators. I dont think there is too much change needed to the system. Just getting the unused steemit's voting power is all that is needed. the rest can be done via overlay to the existing system
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The rewards segregation based on community size (or better yet its cumulative SP) would make the rewards fair, while maintaining the difficulty vs reward ratio equalized across the platform.
Unfortunately, it would also cap the max a post can earn to the communities rewards power.
Perhaps I am thinking too ahead of the time, I see this more applicable to when Steemit has millions of members.
So in the current stage, I think your solution with dolphin curators voting on steemit's SP might be a lot more practical.
I agree that ultimately something more like your idea is good. but one step at a time, minimal changes to the existing system that solves the current obstacle. Iterate and we dominate. Stagnate and ...