It's a good idea but it's success depends on how hard you drive it. Get the music sorted and whip up some interest in the RHP Culture forum.
I've put feelers out in 4 forums that i use, and even though i got low responses i got high views. I'm going to work on my tune after next week, then push it on the 4 forums again (€50 prize i've decided), and i'll also upload an ad video on youtube, clone it three times, and video response them to a few big hitter video types...i should get at least a bit of traffic that way.
I'm thinking of a minumum entry limit of either 50 or 100, thus gauranteeing a certain amount of people here before i have to shell out the money. I'll also have a time limit so it doesn't take forever. What do you think?