I think this is a great idea. GMs as a whole are hard to come by sometimes and rewarding those who take the time and effort to do it might attract more to become GMs.
The Dice Bag of PFS awesome is a nifty idea, and a set of PFS dice would be very cool as well. We all love dice and dice bags and could always use more.
While the idea of Races is nifty I like that being reserved for Cons.
And while allowing GMs to play banned races I think that may cause an uproar in the player base.
One idea is to possibly give GMs a dollar amount at the paizo store. Like $10 for their first star and $20 for their 2nd star so forth and so on.