I like what you have presented, Toby, but I am going to put on my 'devil's advocate hat' here for a moment and throw out a couple of items for consideration.
We will need to ensure that there is fair and impartial access to Warren's feedback. I feel a nomination structure like this has the potential to favour the more advanced producers. I realize there is some benefit in this as it will drive folks to really polish a product before submission; however, sometimes it's really good learning to get a raw impression on something that is not quite where it should be. Also, most people want to get the tips from the prof, so there is that aspect to keep in mind. I guess the "why is this ready for Warren's feedback" part is the sticky bit for me. Music is extremely subjective and I have heard some commercially successful productions that are not what I would consider to be viable, or in any way marketable, but alas they sold. I would hate to see these sorts of productions overlooked for consideration.
How do we ensure that members only get one nomination per month? Will this be based in good faith? I assume this would work, but I think it's something we should look at to ensure fairness.
Overall though, I think a format like this would create a significant value for everyone in it would create discussion and excitement in each other's creations.
Anyhow, just a couple of thoughts I'd been having regarding how the process could work.