I don't think that the user who submits bad reports would receive a ban in doing so. Also, sorry for misinterpreting the "troll" part, as I thought you were referring to troll posts but that doesn't seem to be the case. Going back to the first sentence, banning a certain user who submitted a high number of reports isn't likely to happen, because first and foremost it is the job of the mod to check out posts that are insubstantial and off-topic; users who report posts help the mods do their jobs, even if in the end the reports submitted are considered constructive enough to be deleted. Lastly, I don't think if the mods could actually remove the report to moderator button to certain users who "abuses" that privilege. Better ask the mods about it.
I dont think there are much report trolls in the first place. The main problem from a trolls perspective would be that there is no reaction to be seen. Well your accuracy would decrease but that is expected if you would e.g. insult mods via reports. You have no way to know which mod is handling the report and you dont see their reaction (if any). Considering that trolls main motivation is cause havoc and strong emotional reactions this is very bad troll food.
PS: Im pretty sure there also is a certain point at which you just get banned if its obvious that you are spamming bad reports.