Having been a member of several clubs I can tell you that rules
and penalties/fines just don't work very well...
What has helped us most is that most members have a video camera and we have almost as much fun looking at the film every day as we do shooting a deer. We identify most of our good bucks and we can decide which ones are on the hit list. We like to shoot bucks above 130 inches, but there aren't that many. We give kids, especially member's kids a by and let them shoot just about anything, especially if it is a first buck.
Sometimes fun and management can collide with bad results. I think we have a good blend of both.
FYI we have about 4000 acres with 15 members. Most members shoot a doe for meat if they want. We let a bunch of 2.5 year olds walk even though they would be shot on most clubs. Gentlemen's agreements between members and common goals work much better than rules and fines.
This sounds almost like a carbon copy of our club. Lots of pictures and/or video of our bucks in the field. Personally, I think showing videos of nice bucks that you let walk helps keep everyone's standards pretty high. Most of the guys in our club are a little older and have shot plenty of good bucks so no one has anything to prove.
