I don't know if it would work, but has anyone tried or heard of a job posting with a "name your price" salary? Similar to the "scariest pricing idea" that was on HN a while ago (http://news.ycombinator.com/item?id=1279660). I'm not sure if this would improve the S/N ratio or make the whole thing more complicated - my idea of what I'm worth is probably quite different to someone else.
Then problem becomes one of differentiating between the people over-value themselves, the people that under-value themselves, and the people that correctly value themselves...