A different tournament format

With all the negative attention on pre-arranged or semi-arranged draws, it drew my attention back to the knockout format where quick draws are basically useless.  However, for most normal tournaments, the open-ended nature of the rounds (who knows how many games are needed to break a tie) makes pure knockout format impractical.

However, I think with a few tweaks, you could make a weekend tournament which is both enjoyable and exciting, using knockout as a basis.  The plan would be this:

You sign up at least 16 and up to 32 players.  If you have more than 16, you pair off the lowest-rated players and they play a single game (G/30) to pare down the field to 16.  Higher rated player gets to choose color, but a draw for black puts that player through to the main field.  The losers from this round are pooled into a 1-day quick play Swiss consolation bracket, with prizes funded by half their collective entry fees.

For the "main event", the 16 players are paired off by rating, and each player two G/40 games, one as white, and one as black, in knockout format.  Again, the higher rated player gets to choose whether to play black or white first.  Ties are broken by the following rules: (1) if the match features a win and a loss for both, whoever one the second game goes through, (2) if both games are drawn, (a) whoever has the most wins (including the preliminaries) so far goes through, (b) if both have the same number of wins, whoever has won most recently goes through, (c) if most recent wins are equal, the lower rated player goes through, on account of facing harder competition.

I figure the main draw would pay out 60% to the winner, 20% to the runner-up, and 10% to each losing semifinalist.  Rounds 1-2 take place on day 1, and the semifinals and finals on day 2.  I figure this would make everyone play to win, and allow folks with nothing left to play for to go home without impacting the day 2 action.

Who here would like to play a tournament in this format?