Well.. I have to agree with that voting for yourself makes no sense.
but at the same time, if different candidates have different multipliers (due to donator status) that would put those with the highest multiplier at a disadvantage. So perhaps give candidates the same voting multiplier and make voting for others mandatory, but that they would also need to put in a reason for their votes so there's no "tactical voting" for whoever they think have the least chance to win.
If I ever applied for member I would still vote for those who I thought deserved it the most. ... (but I'm 99% sure I wont apply, I know a lot of other people deserve it more and would probably do a better job as a moderator ;p)