I'm not positive that at some point in the season that it is not being done already, probably not though. I agree that it would be very interesting for most of us. With a little work you can kind of achieve your own ranking by following the action from some of the bigger tournaments through the year, (Salina, Topeka, Wichita-Park City, etc.).
It would take some work to officially do it in all age and weight groups. Who would commit to doing that? If it was to be done, I would like to see some purpose to it. For example, it could be used to set up the brackets at the State tournament instead of the way we do it now by rotating Districts vs. Districts. Under our current bracket system the top two wrestlers are often on the same side of the bracket, so the wrestler who would probably be second ends up finishing third. So yes I think it would be great if someone or group of people were willing to do it.