Agree with those that say this format doesn't mean we should expect lots of upsets between players of very different skill levels. I also agree in principle that the cream will rise to the top in any format over time in pro pool, for history has proven this time and time again.
It is in matchups of similarly skilled players that I don't like this format. Ten ball is a test of skills in breaking, offensive shot selection, offensive shot execution, defensive shot selection, defensive shot execution, and general tactical play. Why should a match be decided by a test in just one of these six foundational skills (offensive execution)? Two players may have exactly equal skills on balance, but the better ball pocketer becomes the favorite in this format, in which equally matched players will reach a tiebreaker about half the time. That's not as it should be. A race to two tiebreaker (lag for break, alternate break) in ten ball would continue to test all the skills of the players while offering a similarly dramatic finish.
It seems simple enough. A ten ball tourney should be decided by playing ten ball. Spot shot contests are great at carnivals, but not so much at pro events.
I think there's room for both this format, and the one you described. Why not? Mix it up a little bit. Something a little different.
Let the people who are putting up the money decide. And we can also have a format with what you described. Somebody just needs to put up the money and they will come.
Unless you (anyone) are willing to put up the time, the effort, the money, and put up with the criticism of what you've done, let the people who are actually putting it together decide that. If no one shows up, they'll change it. But I don't see that being a problem for the time being.
Let's ask ourselves the question of why professional pool took a nosedive to begin with. It's because of the lack of money. And the lack of money is because advertisers stop sponsoring. Advertisers stop sponsoring because no one was interested. And no one was interested because of boredom.
Now we're not talking about the hardcore pool players like on azbilliards. We're talking about Regular Joe Schmo sitting in front of his TV drinking a beer. He's not watching anymore. So Budweiser stopped advertising. Is trying something new, at the very least, worth the effort?
Wouldn't it be great if we could make pool so interesting the even Tampax tampons would want to sponsor it? Boy, I dont know if I would anyone to give me a "spot" In that one!