Gav and I were actually talking in IRC about maybe making a T3 league -- vampires, ogres, halflings, goblins, underworld without blitzers, and skinks + krox.The 100k Chef inducement can be a pain in the ass too if they roll well since most developed teams like to float at about 3 rerolls. A TV difference of 400 gives them Deeproot and a Chef so you could be facing 3 treemen on the line with no rerolls if the Chef steals them all.
Tier 3 team for league play definitely but in short duration tournaments a good coach can pull off some amazing shit.
We'll see how much interest we have as this one goes on though. I think it'd be fun as hell, personally.