Well I disagree on using the default settings for a tournament full of 'top' players, but that is the general idea that has been had as Newbie and Troll both tried to do it around the same time:
Newbie's never got off the ground and Troll's is stalled. I should note that Newbie didn't invite me to his, at the time he felt I was inadequate to get over his entry bar, someone else forwarded me an invite to his. He may still think that. I think he primarily based it on win percentage of two player games which doesn't seem fair, but it's a metric he chose to try to find worthy adversaries.