No. This is neither 'revolutionary' nor would it help us. It can't even be called realistic. If you don't have the ability to truly ban people from threads, it's just laughable to say 'you are banned'. If those 'banned' people then post, what then? Report it? Then a mod comes along and wasn't the point to avoid that?
Secondly by default, depending on the nature of the RP thread, a lot of people have no business in that RP thread. If you are fighting a one on one, the only persons who in fact can post there are the ones who are fighting. With the exception of mods and senseis (if requested) everyone else who makes a post is spamming. It doesn't make any sense to get three pseudo-mods saying that someone is banned from a one on one battle.
A lot of people don't report it when people post in their RP threads because they don't mind it, however if they do report it, it can be definitely classified as 'spam'. You don't need any pseudo mods to say that someone is banned from the thread, that's just a joke, especially because those pseudo mods would likewise be spamming. That they were allowed by the creator? Since when can members decide to whom rules should apply and to whom not? That in its essence would be abusing the rules.
Not to mention there is something not logical in having the people who got into an argument and weren't able to solve it to appoint pseudo mods to 'ban' people from the thread to solve the argument.