A caveat to this math occured to me, the votes by steemit are limited to their percentage of total votes?
Ergo, if steemit's votes totaled 88% of the total vote weight for the day then they would give 88% of the reward pool?
This may mitigate, though not eradicate, the impact.
The example i have used is if 1000sp are voted and i have 100sp voting for me, then i get 10% of the rewards, but when a whale comes and votes an additional 1000sp, total of 2000sp voting, i get only 5% of the rewards.
Ergo when a whale, or his delegate, votes everybody else loses money.