While your proposal incentivizes making review actions (specifically approvals when it comes to rep), it does nothing for actually improving posts (or letting the asker do so).
While I already gave you feedback on the reputation incentives, I want to suggest a new badge in this answer.
I would like to see a badge (or multiple badges with differentratities) that is rewarded when a user reviews at least N questions as "Requires Major Changes" that later receive and author edit and are afterwards approved (by any reviewer) without any edits (maybe excluding the author) after publishing the post for 48 hours.
The value of N would need to be chosen appropriately, maybe 10 for a bronze badge and 50 for a silver badge.
Adding such a badge would provide an incentive to
- ask the author to improve their posts if these posts are missing something
- edit the post if there are thingss that should be changed (spelling, formatting, title, tags, whatever)
- make sure approved posts have everything necessary
You could also make the rarest version of this badge be awarded multiple times to encourage this behavior also to users who already earnt these badges.