I think it wouldn't hurt.
Regarding the notification system - here's a screencap from another board I frequent:
As you can see, there's a bar to let you know about your PMs. It's incorporated into the board's structure, so you don't need to install anything or something. I suppose it could be done here too, incorporated in the bar that lets us know we're logged in...
See ya,
AnnaBtG.
(After Paul's suggestion, I added the red indications so that the notification bar is more visible. Thanks to Sara for resizing.)