It's a competition no matter how you word it, so don't try changing the name expecting that we'll allow it because it's a different type of comp.
As for this comp, are you going to guarantee that you will run it properly and fairly? Beside all that, you haven't Mentioned this to any staff member to see if it's ok. [Link]
That rule was bought in because of the amount of people we had creating comps and ditching them halfway through or creating unfair/super complex tournaments. I'll unlock this thread once you PM DM or myself.