It was hard enough to get people to sign up for the LBA, a written tournament. Dont know how many people would be interested in a freestyle tournament, if only 5 replied to you out of 20, it kind of tells the picture. Love the enthusiasm though, man.
You can certainly organise and run a freestyle tournament, many people have ran their own forum tourneys before and as this won't have a title, go for it. I wish you all the best with it.