I don't think it's a really hot idea. Sure patches get taken up slowly, but I think that's because of a) problems with the patch mechanism, and b) not all patches are a great idea.
I don't think patches should automatically be approved. This overextends the boundaries of what pmdev is here for. We are here to provide suggestions, and patches, to spot bugs, etc. Making us a 1/5th god doesn't really make it the right idea.
A better idea might be to add commenting to patches so that they can be discussed, rather than the dogpile method in the wikis. Any god can just make a change (you don't need two or whatever). If we want to throw our two cents in under a patch to say "yeah I tested this" or "this idea sucks", then that might be more organized, than some kind of automatic approval system.
The security problems inherent there would make me itchy. Or are you talking about "needs 5 votes to be presented for application"?