Sounds good to me. As I see it, the biggest problem with PvP events of any kind has always been too much organisation. Overworks the organisers and confuses the players. This'll be much easier.
The tournament this weekend will definitely be -packed-, however. Completely stuffed to the brim. I can already see the lovely chaos in front of me... but what are you gonna do? Having sign-ups would probably still mean more work. As for the element of luck, I think it's fine this weekend, since the only legal deck is basically about luck (I mean fate, I really do) anyway. The following tournaments shouldn't have anywhere near the amount of participants I expect this weekend.