IMDB's rating system already takes into account number of votes cast (popularity). That said I don't think you'll ever get a rating system that reflects your idea of "greatness" as it's impossible to measure how influential a movie is. Most of votes cast by people just reflects their sentiment of "me like this" or "me don't like this", i.e. it's very broad sentiment and you can't necessarily make any conclusions of the movie's quality and importance merely based on its rating.
You could tweak it so popularity is more important but then you get summer blockbusters occupying the top lists - many people like those but I don't think you can make the argument that they are most influential movies. Movies that really influence and stick with people can be very inaccessible and hard to get into if you are just a casual viewer that wants to get entertained for a bit.
I also think you are very wrong about Faust not being influential - it has influenced many artists, musicians, film-makers. You realize the book is considered one of the great classics? It doesn't get that title for being old - you can be assured that people have been influenced by it.
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