ok, first of all: thanks for your interrest  

secondly, we have 3 options of realizing a horse race tournament (if its possible in the end):
    1) free choice of items and characters (including loomed horses and unrestricted character levels )
        - this would result in an rather unballanced state of tournament since there would be quite obvious favorites ( level wise and horse loom grade wise )
        - also would result in a more intense head to head favorite races of dedicated players
    2) restricted loom grade and and character levels for the tournament participants (e.g. max lvl30 characters - think of STF chars here - and only plain horses and gear - as in sumpter, rouncey ... courser )
        - would result in a more "ballanced" versioin of the game for starters
        - with possibly less epic finals and less evolutionary development for recuring  horse race tournaments
    3) some mix of 1) and 2)
furthermore there seems to be a parcours map   with obsticles and everything,which is a great starting point   

there could be an interrest in a plain speed race map
there should be a proper ruleset to make things clear
and last but not least a unambitious time measuring method
edit: not to forget a trustworthy, neutral biding bureau (thinking of official admins here )  if official bidings will be allowed