I think the point behind this is to encourage people to try out the other modes and to actually give them more of a chance. If you saw some ugly number on your profile, wouldn't you be a bit more inclined to fix it?
The issue is the formula makes sense when you think about it intuitively (taking the average that is), but there is some little issues that can be seen if looking at the issue closely:
-Trying to compare raw pp from different game modes isn't an exact science, it's hard to compare what is "equally good" between modes. For example, I'm primarily a standard player and a play CtB casually and dab in Taiko from time to time, and at some point I had more CtB pp than standard which made my profile default to the CtB tab which annoyed me a bit since I felt like I was better at standard (but then again, who knows, the two modes are hard to compare in terms of how good one is)
-Another alternative would be to average the rankings themselves instead of raw pp since at least rankings are more objective and more comparable between modes. The only issue with this is that there is a disproportionate amount of people that play each of the different modes which creates some sort of natural "weight" on the rankings. One way to solve that would be to have "counterweight" constants to balance the "weights", like:
weighted average rank = standard + 3*ctb + 3*taiko + 5*mania (these are random numbers I chose just for the sake of example) The issue with this though is the determining which counterweight constants are fair and what not, it's not going to be an exact science to determine one.
-Probably the most accurate way of doing this would be this idea: for each member, first add up all their pp from each of the four game modes. Then sort each member in descending order by their sum. Create a ranking based on that order. (In other words, the person with the most combined pp will be rank 1) As for showing this ranking and making it tangible/sensible, instead of having "global performance rank" above the pp graph, put something like:
---------------------------------------------------------
[current tab] performance rank: [rank]Overall performance rank: [rank]---------------------------------------------------------
and perhaps put all the lines for each mode and overall ranking on the graph, with the current tab mode being the boldest line, the overall ranking bold enough to be visible, and the other modes as faint lines
Anyways, I support, if this can be done well