Only thing that worries me in this post is:

"Characters that slew more baddies, did more damage to bosses, or turned in more items will be placed higher on the list. "

Where would a healer fit into this, cause a healer certainly aint going to be slaying any enemies, they aint going to be doing much damage either.
Hope they cater for the healer/support classes out there so we dont get screwed over.

Other than that though it sounds like a brilliant idea, and 300 of them already, thats insane.