Sorry to say this but this index fails in a couple of things.
Biggest issue is definitely the fact that our reputation system is relatively new. Most of the members who have 1000+ posts, acquired those posts during a long period of time when no rep was given out. Unfair advantage goes to the member who joined around the time reputation system was implemented because that member had a chance to gather that extra rep from day one, therefore improve the post count/rep ratio.
Other issue is what is this index supposed to measure? I am assuming the idea is to measure the average quality of posts. This is also a bit unfair because different posts serve different purpose. For example if I post a League match result (that will never get me any rep) is that post somehow low quality? A person who draws nice art but won't do much else, might have insane Reputation Index, whereas a person who posts just as many rep-attracting posts, but also many regular posts (that won't attract any rep), might have very low Reputation Index.
As a summary, this system..- gives an advantage to newer members
- gives an advantage to members who refrain from posting "regular" posts. (note regular does not equal low quality)
Bottom line is that the name "Reputation Index" doesn't really fit to what you are measuring here. A better name would be
post/rep ratio. Reputation Index implies that the person who has high score in that, also has high reputation on the forums. But seeing that it is technically possible to join the forums today, post
one post, and have 10 times higher Reputation Index than anyone else here, I would say that the system is somehow flawed.