Thanks for the input everyone! Jackets would be awesome, imagine personalized ones with your last name on them. As far as clearing up some of the problems:
As far as participating countries, I think it would be good to require a minimum of 5 cubers, and I understand the fastest 5 cubers in the country may not be able to attend the competition but it would be the fastest 5 of the country who are AT the competition or who have pre-registered. This does not take away from the legitimacy of the event anymore than Dan Cohen not showing up to Nats takes away the legitimacy of Nationals this year. IOW, it is understood there may be faster cubers in a given country but its about who shows up for a given competition. Besides, it's not really all that serious, it's about having fun!
I'm not sure I like the idea of having 1 cuber do all the solves because I feel that defeats the purpose of something like this.
As far as different events, I only imagined this being for 3x3 speedsolve, as it is the most popular and most likely therefore to get a good amount of fast solvers. Not to mention time and planning being an issue.
The way I see the event happening is, 1 solver from each participating country go up at a time against the other representatives in a head-to-head-to-head style event (starting at the same time and racing essentially). The next representatives would then go up, and so on, until all 5 solves are done, at which point an average would be calculated. The country with the fastest average of 5 would win!
This would be awesome not only for the participators but for the spectators as well. Again, thanks for all your input.
EDIT: Also, the top 5 cubers could be determined by WCA ranking averages at a given time before Worlds, say, the top 5 cubers by May or June of 2013.
