I think you and I are in agreement with only small differences on the details. Perhaps using a portion the oil as a sort of SS is a good idea as long as it does not negate ambition and drive.
On the point of subverting ambition, I'd favor equal per capita payouts in the short term, ramping up to a full Social Security system over time--so that those who can work, do the laundry for the old folks, and everyone has a high standard of living.
But in the short run, you want a basic living for everyone--enough to keep body and soul together nationwide. That way, everyone would be free to get their act together and start up an actual economy. Certainly the oil $$$ should be a floor and not a ceiling.