Would it really attract more attention than the weekly competition?
Images you really love, can be posted in the galleries, and if people used the 'Golden Shots' thread a bit more frequently, images that gather dust on this site, might get a regular airing.
There are also two rarely (these days) used threads: 'Post your best shots here,' and 'Edit of the day,' (or something similar).
More extensive use of these threads, might put more deserving images in the limelight.
That said, I am not against a monthly competition.