In some sense, it is not surprising that we do not have a system that accomplishes this. Since it is impossible to see the results of a game between players living in different time periods, we cannot get any data to prevent drift. You can still try to normalize the rankings. However, unless you have some independent way of measuring skill, you would need to make an assumption about the relative strength of players. Assuming the average skill of a proffesional is constant across time is probably not accurate, but closer to reality than what you get with unchecked inflation.