Sorry if I'm bringing up a null point that someone else already has but:
The only thing I see wrong with this is the arguements. So many people would argue about who should be president, unless you're talking about having an actual vote in which case people would complain that they were offline when the voting happened or away on vacation. Also every newbie player would like to be considered as the president of Liberty and it would just end up becoming a cash run voting system. In my opinion it would involve too much effort and planning to have someone RP the President of Liberty and with the ammount of dedicated players we have now that arent already busy in other factions it just isnt feasable.
Well that's my vote on it, but if theres an election anytime soon be sure to right me in;)