You can also argue that the other way around: why give big money priority again over community members who also support the project? This is also an opportunity to do things differently, more democratically and give everyone who is now involved an equal chance. There must be something that we together can be done about this, if the will is there.
That potential community member can't profit from this, is an argument i don't understand. I mean, potential VC's that haven't heard from the opportunity yet - Are they then disadvantaged now by your suggested approach?
IMHO it makes sense that community members and VC's that are not aware of the project, are not involved and of course they can't step in now at this valuation. That is fair. If they step in later, there is less risk, price will be higher.
Community members that are already involved now, already take higher risk by putting effort in an early stage project. But following your suggestion they can only step in at higher price. That does not seem fair to me.