Not sure how you would overhaul that, unless you went to something like "here's the top ten stories that got the most likes in the last ten days," and even then there would probably be some overlap.
I'll overhaul it based on the three "Types" of filters that the site already uses to refine search results (Stories, Chapters, and Authors) and using a particular metric for each to differentiate how they are being rated (Favorites, Bookmarks, and Likes)
For stories, my suggestion would be a "Most-Favorited" in the Past Day, Week, Month, Year, All Time differentiation. I choose favorites as a metric since favorites can only be done once per user for a story. It's also a lot more informative of how invested users are to a story since a favorite means they want to get notifications any time that story gets updated, as a "like" doesn't reflect that level of investment to the overall story. All-Time is most likely the same list as we have now, but since a lot of those favorites are likely from its legacy and longevity, I'm guessing the list would be more fluid for the daily and weekly filters if something like this is implemented, and it will highlight newer stories that are getting traction from multiple unique users.
For the Chapter Top 10 List, I'm suggesting the metric should be bookmarks and not "likes". Although "Likes" may reflect the quality of that chapter, a bookmark goes beyond that and shows how interested people are in the continuation of that particular chapter/branch, since a bookmark will notify users when a new chapter after that chapter is added. Also, bookmarks can be used fluidly per user, as they can remove a bookmark without notifying the author and adding the newer bookmark to the latest chapter in the branch, making the Top 10 list even more fluid and ever changing at the lower ends of the time filter.
The "Notable Authors" section should also be overhauled for the purpose of discoverability as well. Don't base it off of Awards, but the amount of likes that author has received within the same time filters, since that's more reflective of the author's writing activity and quality; in comparison to the Awards System that gatekeeps "Notable Authors" to those who've been on the site from the beginning, as one award is specifically given for being a Day 1-er. You can change that to a "Hall of Fame" section for recognition, but there should be a different list that can be constantly updated for authors as well to help discoverability.
Using all three metrics like this per type would give more meaning for each metric a user can give as well, and doesn't limit Rating to just "likes" resulting in the inflation of the importance of "likes" while downplaying the importance of the other metrics.
Just my 2 cents. I'm sure there are imperfections to this system that I haven't thought about, but I'm just saying an overhaul
can be done if CHYOA cares about growing the discoverability of newer stories on the site and bettering its recommendations to users.