There is no purpose to the honor role other than to recognize accomplishment
And, in a school setting, the primary accomplishments you recognize are academic.
And, for that reason, the whole idea of a "good effort" honor roll seems meaningless. Effort should be expected from everyone. Those on the regular honor roll presumably put in good effort as well. This seems like a consolation prize without much substance.
Some children are academically more proficient, some children are better at other things, such as sports. Do we give consolation prizes to all the children who couldn't make the team or aren't the sports stars? The "good effort" basketball team?
Rather than create a public list to try to protect people from feeling mediocre, it is far better to just acknowledge reality--some people are better than others at certain things.
Let teachers and parents focus on rewarding what each child is good at, in a much more individualized way. Why can't the parent or teacher find some way of rewarding that particular child's good effort, or helpfulness, or consideration, or progress in learning or doing something. The teacher can do it with just written feedback on tests or papers. A parent can do it in a more personal and meaningful way. But it seems to me that that sort of recognition, from the people who really matter in the child's life, is much more important than putting a name on a list of anything.