Are we ready for Pay-to-Play tournaments?

The idea of pay-to-play (PTP) tournaments has come up in the past but at that time I wasn't ready to manage that type of tournament. Plus I wasn't sure if the site could support it. But now the system is at a place where I feel comfortable toying with the idea of real money tournaments.

Should we start them, PTP tourneys would be private tournaments. There would be an open call for entries and people would submit an entry form that would claim their spot as first come, first served. Once the tourney was full (or within a few days of starting), I would ask the players to submit their entry fee via PayPal only. Once payment was received I'd send them the PPT link and they could sign-up. The tourney would run like normal and a winner determined. The winner would then get the pot delivered to them via Paypal only. It's not very automatic but I think this is how we have to start.

I'm a firm believer in micro-payments, so the entry fee per tournament would be something small like $1 or $2. Small entry fees should help people who want to try it without a lot of risk - kinda like quarter slots. The pay out for winning would not be very big, but there would be no limit to how many tourneys you could enter or win (no 30-day rule). And since we schedule tournaments quite frequently, a player could enter multiple tournaments within a few week period and run a pretty nice tally if they keep up their winning.

I know it's not a $500 top prize or anything huge, but I don't believe we need crazy amounts for people to have fun and get a little something for their gaming skill. If you ask me, getting $15 cash for playing three songs on a Thursday night isn't bad at all. And if there were three PTP tourneys a week, you could be making almost $50 a week just for playing GH. That's beer money at least!

But I'm looking for everyone's thoughts on this. This goes way beyond playing for gift cards and key chains. I think I'm at point where I could manage payments and payouts, but I'd want to know that people would give it a try. Please comment with your thoughts or post in the forum.