Awards are quite common in forums. While it'll be more difficult in a smaller community like this one, I guess it could still work. However, if you want to do one, maybe you should have more options? I don't mean to question your topic or anything, as I like the idea, but I can offer you an example of what another Forum I frequent does.
There is a list of different awards, and people send their votes to one person, one who will tally the votes. They're allowed to vote for every category, but voting for yourself is generally frowned upon. The "polls" are open for an allotted time, I'd say a week or so would be good for a community such as this. Here are the categories of the afore mentioned Forum:
-- I've edited out categories that wouldn't apply here, or are not fitting/changed the name of the forum to be TMK --
1) Best Member
2) Best Male
3) Best Female
4) Best Staff Member
5) Best Veteran
6) Best Regular
7) Best Newbie
8) Nicest Member
9) Evilest Member
10) Cutest Male
11) Cutest Female
12) Best User Name
13) Best Signature
14) Best Artist
15) Best Writer
16) Best Spammer
17) Funniest Member
18) Weirdest Member
19) Horniest Member
20) Most Game-smart Member
21) Most Social Member
22) Most Missed Member
23) Most Helpful Member
24) Most Productive Member
25) Cutest Couple (Wasn’t sure if this would apply or not?)
Most Likely To…
26) Become a Moderator
27) Become a Staff Member
28) Get Banned
29) Be a Stalker
30) Be the Source of the SARS Virus
31) Become a Poetry Writing Bum
32) Become a Professional Wrestler
33) Become a Porn Star
34) Leave and Become an TMK Legend
35) Go Insane, Should TMK Disappear
36) Go out to get the daily newspaper wearing nothing but their underwear and accidentally lock themselves out of their home
37) Be a secret second account of another member
38) Get hit by a bus
39) Be driving the bus
40) Laugh at the member getting hit by the bus
41) Be a Sailor Scout
42) Be a Samurai Pizza Cat
43) Get Together
Now, you don't need to use these, nor warrant my suggest any respect, but none-the-less, I'm throwing the idea out there. If you wish to do something of the sort, I'd say it'd probably be best to begin another topic, exclaiming the rules in the first post, along with the person tallying the votes. It's best to do this through E-Mail, as some like to keep their choices private.
As for how to post the Winners at the end of the determined amount of time, a format such as this would be sufficient:
1) Best Member
Member Name I................13
Member Name II...............12
Member Name III..............12
Member Name IV...............10
Member Name V.................8
Member Name VI................6
Member Name VII...............5
Member Name VIII..............3
Member Name IX................3
Member Name X ................1
As then, everyone knows if they were voted or not.
Feh, it's an idea. And yeah, some of those get a little silly here and there. --Thanks to the other forum for the Categories.