For one thing, it probably helps not to have your public faces be linked to crimes and scandals. I won't vote for BitShares Delegates who bring a known quantity of baggage and karma with them. Never say never, because I'm a fan of second chances, but my initial stance will not be to favor delegate candidates who bring their dark clouds to BitShares.
Don't form a foundation. Form a cooperative. Also we can have delegates with confirmed good reputations due to algorithms. We don't know the reputations of a lot of the people in the Bitcoin foundation on the blockchain we just know early adopters trust them. In our case reputation can be saved in a way which is quantifiable.
If someone gave a lot to the community it's quantifiable. If someone is trustworthy it is quantifiable. What they did in their past or how they act in their personal life in my opinion is not our business if it doesn't have anything to do with how they fulfill their duties as a delegate.
So use decentralized reputation, develop decentralized trust, don't form a foundation, and don't structure it anything like Bitcoin where there is an executive director. We don't need those titles and all delegates should be equal (like the knights of the round table).