With larger tournaments there is no practical way to use that sort of rule in my opinion. For reference, the Texas Open for 9 ball is at the end of the month and it sold out 160 spots in 9 minutes. The waitlist was full about 2 hours later.
I would also tend to believe that if an 800 plus Fargo player wanted to play in a particular tournament, they can probably contact the organizer to cut in line, so to speak. Especially so if their sponsor also sponsored the tournament itself.
I think that if I were to register as a lower ranked player, I would go to the organizer a couple weeks beforehand and see who was on the waitlist. If there was a pro there, I would consider giving up my spot.
