^This is a great idea.
Expanding on it with an idea for a scoring system:
Scores determine runes, maybe a top 5 or top 10? That way if someone finds 10 puls they don't lose out so hard just because someone found 1 ist.
Have jewels/charms/rares/etc. winner determined like pindlethon.
Personally, I think expand it further for more competition. Otherwise, it's just like any other MF tourney.
IE - I won't join this because I don't have a Trav runner, I'm not willing to risk HC against them, and I prefer LK.
For me, since the goal is runes, I think it'd be a better thread if it includes comparisons between LK/Trav.
There were 2 editions of the MFL. First was the one with odd targets. Second season was more mainstream with running the more popular targets in various stages.
Personally i liked the first a bit better as it made me and just about everyone else run targets we never ran before, making people think about what chars/strategies would work best. Whereas for the regular suspects people didn't have much to discuss/try out as it's already widely know what chars work best for those areas.
There was also talk about implementing some changes like mixing up doing some targets with all you can run for a period of time (MFO style) and others a limited amount of runs or time. This was to attract both the people that run till their eyes bleed, but also keep it attractive for the more casual player. Never got through, but it's just another idea in case you're planning to organize something similar.
If i can find the time (and work my google-fu) i'll see if i can dig up some more of these threads.