I support your suggestion, although the only thing I would change is the reputation requirement. I think that reputation is too easy to acquire around here, so for that reason, members have to have a minimum of 1-2 weeks spent online to obtain the 'Power' status instead.
And that is true, members could easily get themselves 20+ reputation points on their first day of registering. I remember my first day on ForumKorner, I was given around 120 reputation points in the first three hours of registering. That's because I upgraded to Onyx.