Honestly. They do need SOMETHING to compensate for the lost of towering rewards.
I don't even tower. And I can see myself that towering has completely died.
What I would do is simply revise the towering system. By doing this.
1. Make rewards. Doesn't have to be hats, can be cool effects or a gani that changes twice every year.
2. Develop a system where only members with X (Preferably 600 hours or so) amount of hours can recieve the reward. Stops people from kicking out members and putting in friends to get rewards because they also will need to work heavily for it. Also would make players not use noobs as badly or harshly. (and make it here even if you get these amount of hours and are kicked. You still will recieve the reward for time used. And just because it is fair). Once first 25 people got to the X amount of hours needed, rest of people can get a small participation reward. Being gralats or a small item of some kind.
3. Make the 1k hour limit into 2.2k hour limit. So it should take 3 months per reward. So only actual towerers should get their reward.
The towering system can honestly be put into all kinds of ways. The method above would have some flaws. But generally speaking. There is many different ways towering can Infact be brought back. Which it needs to be.