I would probably suggest Bill talk to Webmasterish (Webmasterish.com). He and I put together Blogrity.com with the same idea in mind, except expanded it to be a simple social bookmark site for bloggers. (It is about to go through a revamp as we put the original site together to at least make sure things were working first.) Webmasterish even developed a plugin specifically for the social bookmarking to prevent duplicate entries. Currently working on a module to be able to bring back to the webmasters website to allow people to vote on or even submit.

I believe WPVote.com is so far a success, statwise. PR 3, Alexa 370K. The stagnant months did not help, but now that it is up and running, I am pretty sure it will improve.