It won't make a difference when you have people who abuse the flag system, they will abuse the down vote the same with their 100's of accounts and bots.
Being flagged simply because the flagger has issues with someone who upvotes your posts is unfair and will destroy the community.
Just because someone is a whale does not give them the right to take down content out of spite for someone else.

What we need is a community appeal system. If the community finds a post was flagged for vindictive reasons and not for poor content, the flagger should lose reputation points and the poster should have the post un hidden and remonetized.