I am going to ask Bunchball to chime in here to see if this is possible.
Lauren Harper - it is not currently possible to award a user based on reaching a certain point threshold (besides new levels), however, we are considering adding a feature which automatically logs an action every time a new level is attained so you can reward users with something extra when they level up.
Another thing to consider is how motivational your levels are - making your level names unique to your community and progressive in nature can be highly motivational. Consider a leveling series such as 1,2,3 vs. newbie,rock star, and superstar. In the first leveling series, the numbered levels almost hold equal weight; in the other, each level has its own meaning. A newbie will want this level/level icon removed as quickly as possible to attain rock star status.
Hope this helps!