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Similar to your team in the glory years, I dont recall much poaching going on from established NSWRL clubs. It was getting guns from the Brisbane comp and developing your own along with it.The Storm cheated but the fact they had to go so far over the cap to keep players they basically developed themselves shows how flawed the system is, not the fact they didn't get punished enough.
I think the purpose of a salary cap should be:
1.) stop clubs spending outside of their means
2.) prevent a cashed up Manchester City/Barcelona FC type club who just buy up all the talent.
You could argue the Roosters sometimes push number 2, but the Storm or Panthers definitely do not. Not sure of any fair system you could implement that would pull those teams back to the pack and I am not sure they should be penalised for keeping good players they developed themselves.
The other reason clubs should be encouraged to develop their own is more top tier talent makes poaching less needed. As @Canard mentioned the Cows develop plenty, but they get scooped up by other clubs. If everyone did more then it's easier for them to keep players like Kikau, Ponga etc. Some clubs will still have a geographical disadvantage in comparison to the Chooks, Manly etc, but there is no way around that.
The "local junior" thing is also not relevant. People often whinge that it's easy for Penrith with a large area to draw from and we do have a great crop of locals right now, but players like Edwards, Staines, Burton, Yeo, Martin, JFH were all from well outside our local catchment. To a lesser extent Kikau as he had been put on the radar at Nth Qld even though he hadn't played NRL at that point. Api as well was signed from Souths before he had played NRL iirc. We then let him go stupidly before getting him back again.