Well that would be a start but I think it's pretty obvious you would want to base subscribers' voting power on duration of subscription, community involvement/contribution, their standing in the community and so on. This way you would avoid other communities subbing solely to influence the outcome of an election.

I think it would be pretty neat to include metadata in the calculation of the voting power metric as well. Such as how each subscriber votes in relation to other subscribers and assign a higher score to those who vote inline with the community. The goal being to optimize for those subscribers who embody the spirit of the community. Of course that brings up issues of echo chambers but other kinds of metadata could be factored in to offset that too. I would have to think on it for a while to come up with something I felt was as meritocratic as possible.