EC, in spite of being the primary game currency, has no substantial value. Sure you have the ability to perform a few arbitrary P2P transactions for fleet modules and special ships (or other equally utilitarian content) but beyond that what does it really get you?
I propose the following: replace dilithium costs in fleet reputation projects with EC costs. If dilithium serves any purpose in that system, at best, it would be to keep a starbase running. Since there is no reason to doubt that that idea has come up and is in the works we may as well get it over with now and just use dilithium to fuel our starbases, ships, weapons, bridge officers, and non-combat pets.