I have been totally for this idea for a long time. I helped a corsair recently fly his giant ship all around sirius chasing tags that are OOrp. He went from gaian, to FA, to hogasha, then to order....total pain in the....
I also read about Camtheman's Zonner jugg with a xeno tag problem! nice!
My lil arrow finally got full freelancer rep but now I am stuck with BHG Guard tag, so now I must fly around forever killing BH and lowering my freelancer rep while doing so. neat.
My corsair ships that do alot of missions off crete are always having to go destroy hessains and outcasts all the time, I kill one faction, another one loves me for it, I kill that faction, then the one I was originally killing likes me now. -Teeter todder- and back and forth we all go.
If this could be implemented we all would benefit ALOT!
As far as being abused? Well, any possible part of this game that can be abused has been done and will be done. Tis the human way right? We have rules that would catch these people anyways. really I don't see that much use for abuse on it anyways, especially if we allow it to only drop to neutral, and never raise up the bars.