You've put a lot of thought into something that could just be solved by posting to Breaking News willy-nilly.
That's a solution that would quickly succumb to Gresham's Law. Just throwing any old stuff into "breaking" would quickly degrade the category, and you'd have to rename "breaking" to "look at meeeee!" Nobody'd pay much attention to it after that. And you'd still have to have somebody come through periodically and remove postings from the list. I like my solution because the group gets to assess what's worth keeping at high visibility, and not the original poster or FR administrator.