Next tourney, need some feedback!

Hey guys, in the next couple days I wanted to start getting a second tourney up and running. I was tossing around a few ideas and I wanted feedback from you guys.

Do you all think it would be better to have a single tourney, or split it into two (namely, < 1500 and > 1501). Also, do you think it would be better to open it up to the public as well to get a larger turnout?

Post any feedback/suggestions you have here :)