There already seems to be some minimum up-vote threshold for the Best Of "Everything" view, and it seems to be doing a decent job of controlling the signal-to-noise ratio. Once we've got a quality backlog built up under this new system, being able to increase that threshold would allow Best Of to have an alternate function as an archive of good times.
Example: The Awesome forum was a nice way for me to catch up if I'd been gone for a long time. Coming back a year from now and being able to crank the Best Of threshold up to ">50 would be a good way to get right to the stuff of legends before catching up on the merely great.