First of all, the Tribunal system was iceboxed because it went largely unused even as League's playerbase exploded, leading to a large backlog of reports and people getting punished long after they even committed the offense.
On top of that, encouraging players to use the Tribunal (through incentives like Influence Points/Blue Essence) skewed the results of cases because players would simply blindly vote "punish" so they could get their IP rewards.
...take the players that have reached the highest honor level and send them a jury duty notice,
Considering how the Honor System works, this would take an idea that's already pretty bad and make it dramatically worse. The Tribunal, as mentioned above, already had low participation rates before it got iceboxed, and you're suggesting that it only be in use during the latter-half of the year?
Most people tend to only reach Honor Level 5 around August to September, meaning that until even a sizeable handful of players reaches that point, the proposed Tribunal would be effectively unused - and, consequently, pointless to have.
...first off the honor system will count for something other than a pretty color on your screen...
Ignoring end-of-season Bonus Honor rewards, Clash/end-of-season reward eligibility, and the Honor 5 rewards themselves.
...it would mean that riot see's the way that people respect your play style and will use that as a way to handle the constant reports that seem to go unresolved.
Having a high Honor Level does not automatically mean that a player isn't toxic, or that the community by and large respects the player, or even that the player in question would be a remotely good judge for Tribunal cases. There's no relation between high Honor and aptitude for having good/fair judgement.
And, again; the Tribunal was iceboxed because of a mixture of low participation rate and the fact that trying to assuage that low participation rate led to the system being abused. The IFS handles many more reports, and much faster, than the Tribunal ever could.
...if players see a honor level 7 player in the lobby thay might not be so fast to flame as thay might be the one to judge the behavior thay are witness to.
This is implying that Honor Level 5 players would be able to issue punishments of their own accord - that people would check themselves for fear of that punishment. That invalidates the point of the Tribunal, which is the due process of peer review and the joint decision of the reviewers to punish or pardon the person whose case they're tackling.
So, what is it - are you asking for the Tribunal, or for Honor Level 5 players to be able to punish other players at their own discretion?
