So, after all it seems that most people think it's necessary to raise the Elder requirements to 100 reputation and keep the system as is.
Furthermore some people suggested to add the old feature where you could chose how many rep points to give from a specific range. While I like this feature, it also came with a few security risks and bugs (Custom hooks were not working at all here) so this is not an option.
Let's all vote on the Elder requirements change and see how we'll do from there on
Link: Latest updates and Elder Requirements Poll!