I'm intrigued to find out if it will take off at your pool hall. I've always just played it for money with friends. Some games were for £1 per man, others for a few hundred GBP per man.
When playing with friends, or in a friendly manor its seen as unsportsmanlike to just leave the guy after you completely screwed. Instead you'd take the easiest pot available and try get an extravagant safety of 3 or 4 rails tucking up behing a ball. But all it takes is for someone to want to win that £10 pot too much and everyone thinks F-it, I'm playing cheap like them.
We usually play on an English Pool table, where the black ball counts as +1 life and the breaker gets the break for free meaning if they don't make a ball, they then shoot from where the CB lies and normal play resumes. We normally start from 3 lives, but with good players and a cheap match, you can run through 10+ racks before you find a winner, and the money put into the table starts to cost more than the prize fund. But this is when we don't try screw the next guy over. Good players playing to win, 3 lives will last no more than 3 or 4 racks at most.
We also do killer doubles. 4 players, 2 teams each has to pick a colour (red or yellow in english pool) before hand and I shoot at say, reds, then my opponent shoots and a yellow, then my partner shoots a red and so on. Same can easily be done with spots and stripes.
I remember playing for a mind blowing amount per man when I was 15 on a snooker table with just the reds. 6 old timers and me bought into a game that was £50 per life. I bought in for 4 lives (£200 for me at 15 was like me being bill gates today

) but others were buying in for 5+ lives and they had a rule you could re-buy back in as long as it wasn't down to the final 2 players. The pot got stupidly large and I was way out of my depth with an empty wallet. My 4 lives was good enough for 2nd and 40% of the pot and I walked out with over £900. I'd never seen that kind of money before in my life.
Its a great game and easy to think up new variations of it to keep it fresh and fun. Please let us know how it goes down at your pool hall.
Cheers.