If there is a high volume of entries then I see one problem with holding all the stories back. Voters would be overwhelmed having to read say 100 to 200 stories, so most probably won't. This happens already in contests at
www.irtc.orgI don't have a good answer just some ideas:
Release them in blocks of 10 or so in the form of heats - top two qualify to the next round, and so on.
Realize that early submitters will have an edge, and leave it at that - this may help in minimizing a glut of submissions on Jan 31st.
Not sure about SMF, but GeekLog polls "forget" that you voted (I'm assuming a cookie expires) and allow users to vote multiple times.