Hey, MM, I'm not playing 50 games/month, closer to 10 actually, but I do agree to your point :)
I think the goal is not the change the system in a way which will, effectively, change how ratings are calculated... but simply to have a system that drops out inactive players.
Hence, it might be easier to just 'hide' players who have not finished a game in the past 3 months (1 seems too little, 6 seems too much), rather than having some formula to reduce their rating. This way, if the player comes back, he would not have lost anything, and if he doesn't the others don't need to see his GR in any case.
I think this is quite similar to what Alderian suggested, if I got it right?