The Senate rewards can be fairly low.
Ignoring Senate missions is fine, especially if they want you to start a war with a major trading partner, especially when all they offer is their "gratitude".
I only accept missions in my campaign that fit within my overall goals. So I'll blockade a rebel port for the Senate but I wont blockade a Spanish port when my trade with Spain is worth 1000d/turn plus get embroiled in a war I dont want.
If your Senate rating drops too low I think their could be repurcussions in that failure could be painful ie suicide/fines but I've not been their myself.
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