OK, I guess not since there are no follow ups. Anyway, I created a group at http://www.chess.com/groups/home/class-tournaments that interested players can join.
Individual Class Tournaments
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I am bit surprised that I can't find any individual class tournaments, or leagues, in here, as exist in many correspondence chess organizations as well as on SchemingMind.com.
Players participate in 5-men groups where winners are promoted and losers demoted to a different class or division. New players enter a division according to rating. Here are the sample rules from SchemingMind.
Would anyone be interested in participating/organizing such a thing on chess.com?