Really bad comments are not the root of the problem. Simply having large number of mediocre comments crowds out and discourages thoughtful discussion from starting at all.
I'd say:
* create some real cost to making comments
* make bad comments disappear/not display at all with time
* make things less democratic -- to encourage good behavior identify users who have this behavior and make this behavior more prominent programmaticly
I can't see it working here, for a number of reasons, but it's an interesting thought experiment.
That might work when there are a small number of participants and everyone has met everyone else face to face or when there's at least someone to vouch for the identity of every participant, but it doesn't scale very well to a community the size of HN.