I don't know how many pros you know, but most of the ones I know would have trouble coughing up $2,000 for an entry fee. Because of that, there would be no $300,000 purse. Most pros who would pay a high entry fee, with the exception of one or two, would be getting staked or asking for a backers committee on a forum like AzBilliards, which in John Schmidt's case was a very happy ending when he won the U.S. Open being backed by a few members of this forum. That was actually pretty cool.
About 5 or 6 years ago, subject to check, a group came out with a $1-million pool tournament. They advertised it late, and everybody was paranoid to send in their entry fees to this unknown entity. The whole operation folded like a lawn chair before it could gain any steam.
Anyway, that's my take on it.
I know it's asking a lot and these are just ideas as crazy as they are. As far as being skeptical about putting up money of course to an unknown entity. That's what the BCA or ABP and lawyers are for no? To represent the players interests and make sure things are run legit.