The more I think about this, the more I like it as a local, fun-carrier, thing. I would suggest very simple rules, a speed limit and a loaner plane for those that might be tempted to give it a try. Or, instead of a speed limit, just limit the battery to a 3 cell, 2200 mah Lipo which is the most common for the Park Flyer types that would be easy to adapt to this event. Say,,, 52 foot lines with a plain old handle, (throttle operated by the off hand, so no one feels like they have to cut up a radio to try it). Yeah, I think you may have hit on something, John. I bet I can sell this idea to a couple of club members.
or
How bout a Postal Contest?