While I like the idea, will old awards be replaced
when they become insignificant or built upon? Like "Notable Contributor" to "Significant Contributor" to "Massive Contributor" depending on how many things they've done/won? Also, "10 Year Veteran" should replace the regular "Veteran" if you ask me. I personally think that the awards should be scarce. Everyone shouldn't get one simply for existing, like elementary school stickers.
They'd seem more impressive that way. I'd suggest combining the "Contest Awards - Fanfiction" with "Notable Contributors" and such.
Just my rambling. I don't want this potentially great idea to become another LF Store name-glow mishap. Otherwise, me rikey-rikey.