As far as nominations go:
I like the idea of some sort of minimum requirement (whether TP, post count, years of membership, or some combination of the three).
After that, I like the idea of everyone being able to nominate someone, but the nominated poster does not reach that "next level" of HOF eligibility if they do not garner a set amount of "yeas" from other posters (say 500) in some sort of public vote (maybe a variation of the polls that, instead of taking up singular threads, are part of a running thread).
After that, I like the idea of Mods and other CB HOFers taking a private vote, with HOF eligibility determined either by either a minimum amount of votes or a minimum yes-no %.
EDIT: FLCelticsFan should be the first non-mod inducted, imo.
EDIT2: This is, I believe, the first time I have ever used the acronym "imo"