I had typed up a detailed post about this with my preliminary suggestions, but accidentally deleted it off my drafts when I was trying to save another one I had just typed.
But based on what you've done DGF, the execution of your creatively unique idea so far is pretty good. I think all of the rules you had set on the first two round of nominations are enough to prevent this from becoming an actual popularity contest, like MotM. And based on what I've been seeing from the posted nominations so far in that topic, I would say what I wrote in my last sentence is already being proven.
The only other thing I'm going to add on this post is this question:
-Wouldn't it be great if the LK Awards sub-forum could have its own description shown on the Index page?