I think this will be great, a schoolyard showdown has been hosted before and it was a big success.
I don't agree with that part though, why discourage even more competition from joining? You could just have a sort of cordon sanitaire where you agree with the other drafted teams to go for them first lol, that happened on an era on Kong where we did this draft idea.
Special medals would also be a bit of an exaggeration imo, but that's just because I think it should be reserved for champions era.
Honestly though this should really be great. Gives everyone balanced teams so everyone can have fun wars, and everyone will get to meet and play with new people rather than playing with the same team over and over again.
A small suggestion: On Kong when we hosted this we drafted not just a team of 10 but also allowed every team to have a backup pick, since sometimes people have to drop out before the era starts and you want to have a complete team right at the start of the era.
Man, I'd love to see this.