First of all, what would the criteria be? Who would be on the screening committee? No matter what the voting system and criteria, someone is going to be unhappy with it.
My recommendation is keep the TOTM and FTOTM and possibly revise the criteria for those categories.
No matter what is decided upon, just keep it simple.
I enjoy writing Flashteases even though Flashteases don't receive as much attention. Most of the teases I enjoy are also Flashteases. However, that's just my preference. There's a lot of people who prefer regular teases and that's fine.
Bottom line is if you try to please everybody, you won't please anybody.