I like the idea, completely and wholeheartedly.
However, may I make a bit of a countersuggestion? Instead of allowing member voting for ranks, which, as DAYV pointed out, might backfire due to cliquiness (sp?), how about just having a requirement that those who just join remain at Padawan status for six months and, after that time, they are allowed to pick a custom title. The six months proves their dedication to the boards, plus we don't have spamming to achieve a certain post count.
If we must resort to some sort of voting for "higher" titles, maybe we just designate a committee that votes on these titles, instead of the board membership at large, and the committee should be determined by you.