Ryiro and Kasperov are correct. It would be a fun tourney if done right, but there are so many flaws in the map and settings that make a ladder way too luck based.
BTW, you need something more than those settings. I tried doing a risk FFA tourney and the champsionship game has already lasted 611 turns (I just quit):https://www.warlight.net/MultiPlayer?GameID=5538579
You need some way to encourage attacking or the game stalls big time. Either an army cap (which is not in Risk), or progressive ref cards (based on turns). Another thing to consider is do you use Multi Attack? In risk you were allowed to take a pile and just keep on going.
This would be my suggestion for a template:https://www.warlight.net/MultiPlayer?TemplateID=311172
Like I said, not sure whether Multi-Attack should be used (I hate that setting).
Edited 3/18/2015 13:49:07