I think you misunderstand the point of reviews - reviews are meant for newer users to get eased into editing, and reviewers are experienced users, who in theory understand the site better . In a sense, suggested reviews are as much a tool for teaching new users the 'culture' of a site, and handling their posts than anything else.
Your system essentially means you have new users, still unfamiliar with the site reviewing in exchange for getting things that need to be reviewed just pass through unreviewed, which results in even more posts reviewed by folks who arn't familiar with the site.
No matter what the reputation limit is, trading "suggested edits" for "suggested edit reviews" feels like the blind leading the blind. I don't disagree this can be a problem but this needs a better class of solution.
I'd actually suggest new users not edit until they feel they are familiar and can make good edits most of the time. A few early failed edits are probably not the end of the world as long as they get where they went wrong.