It's a decent idea however at the moment all this thread is, is a bunch of people typing names of the best/most famous/popular figures in the community they can think of and then some guy adding the suggestions to a spreadsheet / list.
What you need is:
1) A panel of representatives from every corner of the community with suitable backgrounds ~(casters/writers/admins/promoters/streamers/top players and such) to be trusted to select/nominate inductees for many different categories.
2) Different categories to represent different parts of the competitive communities. You can have North American 6v6, Highlander, EU scene, Australian scene, Asian scene, South American scene, African scene if there is one? Or keep it simple - 6v6 inductees, Highlander inductees, Teams inductees, contributor inductees?
3) A Rule, tagline, guidelines...etc in order to be inducted. For example "players who have had major success and influence in the game". Or "Teams who have had major success, important impact or influence in the game". Or for contributors - "community members who have contributed massively to the development and ongoing success of the competitive scene". Something like that for the panel to work from. Maybe something like "person must have playing/active in TF2 for at least 2 years" or something before they can be inducted.
4) Somewhere for the hall of fame to be displayed - as suggested comp.tf would be a great place to stick a page, you can then expand on it and have pages/stubs for the people in it. Actually make it a place people want to visit.
This sort of organisation would make it worthwhile however such a thing would take a lot of effort of organise and I doubt you will find many people willing to do all of this (or executing something similar in an intelligent way).