All the fines need to have some non-monitary alternative. So many hours of community service for example. Everyone's time is of equal value to THEM. I only have so many hours in my life and until the billionaires make themselves immortal they're going to be under the same limitations.
Not at all. If I miss a couple of days at work, it's no big deal - I will just retroactively take it as vacation. If a guy who works at McDonald's misses a couple of days at work (and his only explanation was that he was doing community service for speeding), he'll likely get fired. For people living paycheck to paycheck, the cost of that time in terms of immediate effect on their life is far greater than the rich, for whom it's just an annoyance. The cost of "an hour of one's life" is not actually a major factor there at all, few people think in such terms in the first place (unless they have a terminal illness and know they have a few months left to live or something like that).
The problem with this concept is that it increasingly associates law enforcement with revenue. That's unacceptable.
Only if you insist on maintaining the current (utterly broken) scheme of financing police, and other municipal expenses, from traffic fines.
The other guy in the comments here has the right idea. Pool all the money from the tickets, and pay it back to all the citizens who do not have any violations on record for the year, in equal proportion. Thus it's revenue neutral, you actually stimulate people to drive safely, and police etc is funded from taxes, as it should be.