The powers that be are the members who vote, that's all. The criteria we use are:
1. Great Players who have demonstrated their excellence in tournament competition over time.
2. After Hours Legends who have demonstrated their excellence and their heart by matching up against the best of their time.
3. Teachers and Promoters who have had a lasting impact on the growth and popularity of the game.
For Tony, it is mainly the action, like you surmised yourself, although he has done okay in the few tournaments he has entered (for not being much of a tournament player), including 2nd place in the first DCC Banks tournament.
Since its invention, pool has always had two sides -- the establishment endorsed "wholesome recreation"/tournament side vs the gambling/action side. The past, present and most likely future of One Pocket leans decidedly toward the action side. Hence, that is how the One Pocket HOF leans too, including when it comes to Banks. The BCA quite adequately covers the "wholesome recreation" and mainstream tournament side.
The HOF dinner at Derby City gets good reviews for being a good meal, a lot of fun, and most surprisingly to me, always seems to include some seriously touching moments. I say surprising, because we are usually honoring some of the most hardened and successful pool hustlers of their time -- not the kind of people you would think would be that emotional over a HOF honor, but it turns out it means a lot to them and to their families, friends, and fans.