Its a step in the right direction. Not a leap, a step. It still can (and should) be improved on but since no tweaks have been done to system so far, chances are there won't be any modifications done to the system anytime soon. My main grudge with your suggestion is that QI has nothing to do with skill, therefore it shouldn't be used to indicate skill, which is pretty much what everyone looks at rank as.

The ELO system could be a lot better if tweaks are made to make it work better for Toribash but I do agree that we are in a terrible spot since the system has been left the same for way too long.

I would opt for a massive rank reset followed by the introduction of a modified ELO system, but I already know everyone would be largely opposed to it.