I had forgotten about the "exit vote" and I did not consider ELO. Anyway I got the impression that the "exit vote" is more of a utility like for when a player disconnects at the start, otherwise it is used when something has gone wrong. Having a "stalemate" or "draw" vote would give the impression that it is for when both sides are at an impasse and want to move along. I do say it is better than one side having one side resign (think I have seen it before) and looking like they are just "giving up" when technically they still have a lot of fight in them. I do not have an answer for the ELO, that is something I have paid little attention to myself. I do play for fun and my attitude is "play, fight, win!"
P.S. If somebody is feeling humorous or downright cheeky, it could be called the "peace treaty" vote!