Hmm, I am not quite sure what would work better.
I belong to Taxi and they charge a $5 fee for each submission, and while it isn't a huge amount of money, it certainly takes away the "I'll throw this and see if it sticks" blind submissions. I see this as being slightly easier to administer than a panel based solution. You buy a credit, get a submission link, upload a file and get placed in a queue and get a review in sequential order.
I suppose you could assemble a committee of like minded and trusted academy members, with enough free time, to act as a triage team to vet prior to submission. As your opinion is the most valuable to most, I feel that having a committee vote to forward tracks for consideration may result in some feeling excluded, especially those just starting out. Honestly, I think there would be too many variables to make that an efficient process. But if it's run properly I think it could work.
I think a combo of a small number of free reviews coupled with a pay-to-listen after that threshold would be the ideal for the student, but with that said the tuition here is low enough that I personally would not be offended if this was an additional fee service.
That or maybe you could clone yourself so you'd have enough time? lol