I voted No, because I like the system as it stands. Some minor factions are, yes, "vanity factions". Or, they have IC reasons for existing. If we set up a system where if no one joins in 30 days or even 24 hours, we're limiting the amount of time between when the faction is made, and when new members or current members are drawn to join.
The current system allows faction admins to work on the minors over an extended period of time, drawing more interest the longer their roleplaying with those factions goes on. If we institute stricter regulations, we're going to see more well-built, pre-planned minors fail within the allowed time bracket AKA a faction where the work you put into it prior to making it becomes dead or, if there was an approval process, just sitting in the gutter.