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Nah, then even fewer people will go into it than now, and those that do will have made their money elsewhere / family wealth like it is already.
I don't know if that's true. It might actually open it up for activists that basically work for free now. Obviously these things will not cause immediate change, but after a few election cycles, perhaps we would see something. This would require other regulations to work best, like actually making bribes illegal and denying all outside income, like the Presidency in the US is supposed to. We need to get to a point in which politicians are public servants first and foremost.
You should definitely look up how China works - where local politicians have to be civil servants first, and pass exams, etc.
It's far from perfect either since it means the high-level politicians are all civil servants, but at least it puts a minimum level of meritocracy - and also means the "Deep State" of civil servants is clearer.
Just to clarify, do you mean how China works on paper or in practice?