Rep system was about as bad as when clans would request post counts in an app. I dont see how it would relate back to Toribashes "glory days." The glory days went away with the users. Using the op example, theres less artists fighting over requests because theres less requests and less artists.
Honestly it would be more effective to show somewhere is someone has any active infractions, but to avoid new players from getting boned, put it so you have to have been on the form for x amount of time. Though, to be honest, after you get 1 infraction for shit posting you should be smart enough to learn to read the rules.
Not to mention the rep system was just another way people could get off to their own horn.
Hell, it cant even be acurate anyway, seeing as theres a decent amount of the community that hates smods, admins, ect. because they do their job. Or maybe I hate Link, but someone else thinks he is great. So the rep systems because more on opinion rather then good deeds.
Heres an idea, how about the staff gets together and commemerate the most helpful and productive users for that month. It would still be an incentive to be a good guy (implement some kind of reward) without having the downside of being able to be abused by the average user. It would have to be a bit more complex then just that, just throwing the idea out there.