Heck, I'd like to try out taking it a step further to see if the concept works in Civ as well as it did MOO2. Just as all Commerce gets pooled, also pool all Food and all Hammers. Then you just funnel them where they're needed.
The only time local production really matters is if the city gets cut off from the rest of the empire. You could do blockading at sea like in Civ4 and that might cut off a certain fraction of what comes in or goes out. More ships blockading means a tighter blockade. At some point you get a perfect blockade, probably dependent on force, tech, and other factors. An island of 3 cities cut off would be able to share among them, but not out to the rest of the empire.
On land, having the road occupied would do the same thing. Though cutting the road could stop trade, the invaders would be loathe to do so for the advantages of leaving it intact; like settling rebellion happens much faster when there's a road for food to come in on. Sitting multiple units on a road (or river) would eventually cut off trade, depending on things like tech and so forth, just like at sea.
This is a lot like the way MOO2 handled food distribution, assuming you had enough freighters to carry food. Redistribution production simply required you to channel the production of a good planet into Gold, then use the Gold to buy production at a less-powerful world... as long as it wasn't blockaded.
MOO2 did something like this very well - IIRC, you would construct a fleet of five "freighters," which allowed you to transfer five excess food units among your planets. Which allowed certain planets to function as mining planets or science planets, as you did not have to devote population to agriculture. (This also allowed you to exploit more planets, since many planets only had limited food producing ability anyway). I think that the system was automated, although sometimes pirates would destroy a freighter or something.
Once built, a freighter was never lost. Unused freighters cost nothing to maintain, but there was a cost to build.
With enough freighters, you could focus your food production on a few really good worlds, focus your science production on worlds good for that, and focus everything else on production. The trick was, freighters were expensive to operate. Rarely did I have a large empire with all food production on just a handful of worlds, but you do learn to focus food, ore, and science production on worlds good for those.
By default, every world got exactly as much food as it needed, with any excess being sold off as profit to the bit-bucket (couldn't sell on the market to other players). As long as a world got its quota, it had growth. Then there were things you could build to increase growth.
The next Civ could have a system like that, where food goes where it's needed, where hammers go where they're needed, and any excess can be sold onto the world market.