I typed out a response to this on another computer but had to delete, so here goes.
First off, what does Galen have to do with up and coming runners? He is a 2x Olympic medalist, 4th at worlds/world indoors, 3:50 mile, and has a WWM victory. It would be an insult to his pedigree to not include him as a gold label ranked athlete.
My objection to this system is that especially in the U.S, athletes gain entry to large races like Diamond Leagues by qualifying for World/Olympic teams. While some NCAA victors/All-Americans get spots in these meets and are picked up by sponsors, many stay in their collegiate environment and stagnate, while some join good training groups (and as we're seeing, there are more of these than ever) and consistently improve, as you put it. They have to demonstrate year in/year out that they're worthy of being in these races.
However, how the hell would the 3rd man/woman on a US or British 1500/800 team even dream of being ranked in this system? Johnny Gregorek was 3rd in the US 1500 at the 2017 Outdoor Champs and yet was the only US man in the 1500 final at Worlds. Kori Carter missed the Olympic team in 2016 and in 2017 was the World champion. I could go on and on. Results are black and white but what happens before them is impossible to qualify, as this proposed system tries to do.
What this comes down to is that right off the bat, your lists provided are nonsensical; Mo Farah is ranked 2nd in a track event he claims to have retired from, Kamworor 5th in an event he has medaled in once, almost 4 years ago, and yet Paul Tanui, who has been the most consistent performer since 2012 at the 10k besides Mo Farah, is ranked 8th?? I agree with Cheptegei as #1 but by and large these rankings seem to benefit already established runners, some of whom are incorrectly ranked and some who might not even run the event they're ranked in at the world stage next year. Wilson Kipsang as #2 in the marathon? Hahaha. Amazing athlete but he has DNFed twice in the last year.
All the athletes I've listed in the above paragraph are going to be taken care of by sponsors/race directors no matter what the IAAF does and yet the IAAF has consistent corruption issues, WADA has said it will reinstate Russia, Rashid Ramzi hasn't had his 2005 world double medals stripped, but you want a new qualification system?! How about instead of asking that athletes living below the poverty line perform "consistently" in a system that disadvantages them the IAAF figures out how to make this sport marketable, clean, and entertaining for non runners. Shorter meets. Equal prize money for men and women. Better pacers. Ban the Vaporfly 4% until every shoe company has a commercially available equivalent. These seem like much better ideas and better for the sport long term than making it harder for athletes to gain access to the world stage.
Also, get better announcers/commentators for Diamond Leagues. Some of the most important meets of the year have godawful uninformed commentary.