I really enjoy discussing this topic. It seems really interesting in order to level the playing field in some odd way. I think that these illini bucks would be utilized mainly in picking courses as undergrads are truly at a disadvantage. I think that is what most people fight for priority about just because your class standing can play a vital role in so many things like sleep schedule, work, going out, etc.
I'm a little unsure of some other uses of illinibucks other then maybe meals in the dining halls which would be valuable for upperclassmen that don't live in the dorms. As a senior I could definitely see myself using some illinibucks for a free meal here and there. These bucks could also be used at the bookstore when there's a huge line. It all depends on preference in the owner of the illinibucks which is why I think these three potential uses could work because each person will have the opportunity to choose what to use their bucks for.
I think that some problems if the administered price is too low is that people will want more. If you introduce this system just like most things, everyone is going to want more. There will be plenty of complaints about set price not being enough. We all want more than we can have, but if the price is too high then the competition levels will most likely be a big problem. I think it would be more of an issue with a higher set price because there's more possibility and tensions can build because many people will want to cut lines at the same time eliminating the purpose.
I think being a senior I would use most of my illinibucks on meals at the dining hall and maybe some on cutting the line at the bookstore.