Nice find! Telehash might be exactly what we need. Although the existing implementations look a bit incomplete (at least the C one), some sort of DHT network could be a way to go. However, before we go ahead implementing the all the network-specific bits I think we have a bigger fish to fry.
Even the best distribution system is not gonna be any good if it distributes wrong data. I'm not a fan of discussions where people just enumerate possible problems expecting someone else to solve them, so here's my partial vision how a global ban system could work.
PROBLEM: Master ban by LFS world.
SOLUTION: Rather simple. Do not really ban the offenders, just kick them as soon as they connect. The slightly higher overhead and a bit of a nuisance for the other players on the server in a form of the "xxx has connected" message is a small price to pay. It's not like an actually banned user cannot try to DoS a server by retrying to connect over and over again.
PROBLEM: Shall ban be a really global thing? Wouldn't that cause a mayhem all across the network?
SOLUTION: Yes, I think it would. There are different types of servers run by different admins, so a truly global system won't work very well. I suggest a form of subscription. Each server will have an UUID and admins will choose which servers are they going to accept bans from. If a ban is refused by a server, it will still be passed along to the other peers (obviously). There should also be a possibility to accept all incoming bans if someone really wanted to embrace the power of the banhammer.
PROBLEM: How shall a ban be revoked?
SOLUTION: This is IMHO a more difficult question. Imagining a ban spreading throughout the network is easy, but how about the situation when a ban is revoked? One way to handle this would be to not transmit such info at all, but this is far from ideal. For instance, what if a server where a ban had been revoked received this ban again from another peer? Should there be a database of active and revoked bans just because if this? If so, how long should the revoked bans be kept in the database? What about the unjust bans? Even is such a ban is lifted on one server, the unlucky user will still be banned elsewhere. It would seem that silent revocations are not the way. Let's say that servers transmit information when a ban is revoked prematurely. Imagine a situation where a guy is banned on server A. Servers B, C and D subsribe to server A and ban the offender too. Unfortunately, server C admin is offender's friend, so he removes the ban on is server. Because all servers in question subscribe to each other, the global ban is gone. Maybe if the ban info contained UUID of the server where the ban originated it could help a bit. Situations where a peer receives revocation info before ban info would also have to be handled.
Of course I'm opened so suggestions and criticism

Once these questions (and most likely a lot of others I didn't think of) are resolved, I'm willing to put together a demo solution to test the system in practice...