I think for that to work they'd need to rework the standing system entirely, because it simply has no actual purpose at this point beyond very slightly affecting your profit margins when trading/refining.
This is a wholly unformed thought/idea, but I'd love to see something like increasing the amount of services available at a corporation's stations depending on standings, along with different efficiency ratings of said services as you rise in prominence until you reach VIP levels of fame with them. Add a thirty-sixty second delay for repairing your ship in a station (as an example), reduced by standings and so on and there'd be implications for fleets in FW space, etc.