Coin-holding-time-weighted-vote?
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This is plutocracy.
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Actually, it’s not even plutocracy. Given efficient lending markets, this is literally pay-to-vote. As mentioned earlier: If you want more voting weight, you can borrow ZEC and pay interest on it. Conversely, If you already hold ZEC, then can lend it and gain interest income, at the cost of giving up your voting rights. Either way, in order to vote you pay the time-value of your ZEC.
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It is wrong that “those with more ZEC have more at stake in the future of Zcash”. The whilesblower, the dissident, the person of “wrong” religion or “wrong” sexual orientation, all at risk of blowback if their transactions are uncovered — do they have less at stake than a custodian service holding a pile of ZEC? The developers who spent years building a project for private payment processing, do they have less at stake than a rich speculator?
There are also technical and privacy issues. For example, just using full viewing keys (as you seem to imply) may reveal too much information about the voter. I believe these can be resolved, but the general advice is to only apply the “trivial” adjective to things you have done.