Honor Point Rewards (Something other than just a Ribbon)

Currently the only use for Honor Points is to get a ribbon. The problem is actually getting the Ribbon itself can be quite difficult and even after you get it, it isn't permanent you have to keep you honor point gains stable or else you will lose it. So just as an Idea it would be cool to actually have redeemable IP rewards using your honor points. Id say 75-100 IP per honor point. Now it may seem like a lot but once you hit level 30 actually gaining IP can be quite the hassle. So after all that time say you end up with around 300 honor points. (Just an example) Instead of having to grind out 120 IP per match in order to get that champion you've always had your eyes on, you could redeem all of those hard earned points and get 30,000 IP and get any champion you would want.

Now I understand that this could be abused by people, and a bunch of friends could get together and just do a bunch of customs and spam honors. In order to fix that there could be a change where you can only receive honor from the same person once every 5 days.

It would work since League has such an immense community the chances of encountering the same person over and over is quite small.