I donno. Reputation is a measure of overall involvement in the site. While I do occasionally indulge in a little dogpiling of the unworthy - I find that taking into account smokey, this might not necessarily be a good thing.
I consider 200 rep trivial - I've gotten it on most sides I've had the slightest bit of involvement in
If you're only flagging (and outside of smokey, I have no idea how one spots spam on a site you're barely a user of) - essentially, rather than adding value to the site (as edits and new posts do), you're destroying content of negative value. Its awesome but with a few exceptions, there's no exceptional need for people to go to a site just to do it.
In addition Rep for flags seems a terrible idea.
Lets consider the worst case scenario. Tom J Spammer has a bright idea. He creates a bot that flags spam from his competitors, gets rep, then posts spam. He's a clever little fella, in all the wrong ways, and hooks it into smokey's posts. Yeah, I don't like this idea.
I'd take that moment, take a quick look while the image loads to make sure its right, and whack it. I don't think extra benefits for folk who're essentially on spam hunting safaris makes sense in the bigger sense of things.