Hmm, I really don't think it should be limited to elites and up. If we add the 100-200 people who are regularly here to the elites list it'll become a bit worthless. How about a 'respected members' group or something? It's just to keep 'elite members' as it is, a small group of the elites.
Edit: I believe people should be allowed to change reputation by so much. Elites and up (and this new group, if it's created) should have a reputation of, say, 20 (fixed), and every else can be between -15 and +15. Elites (and the new group, if it's created) can alter the reputation by +1 or -1, mods by -2, -1, +1 or +2, and admins by whatever they want. Just my idea.