I like the idea!
One thing that did bother me about the fediverse was in number 3, this is usually done by duplicating the content which can lead to lots and lots of space taken up on your server. Could the duplication part be made optional if you ever get to 3?
I can also suggest a number 5: the ability to import and move from one flarum forum to another your user account.
I do have one really easy but kinda cheap 1 minute implementation / probably not great for longterm way to implement 3 right away, which I actually did on my own just-for-testing flarum: use mastofeed to grab a couple outside feeds by their rss (obviously not viable if you want to follow hundreds of them). If you make a page for your forum with .rss on the end, with content displayed in the xml format, then others can read the .rss feed with mastofeed as well, which means this also covers .4
Making your own page that generates xml when you add .rss to the end IS something that mastodon already does, so to make this a little less 'cheap' you could replace mastofeed with your own xml reader. Then 3 and 4 would have very basic versions done. The 'proper' protocol involves sending 'follows' so other people know on the network that you are, well, following them I think? Haven't actually looked at it yet.