Totally agree with the "play the character you want, may it be a main, an alt or even a skip-the-fun character". Hell, cRPG tournament it is.
I'd like to see some equipement restrictions though, based on money. Just don't forget to triple the price of the arrows, like how they tripled the breaking chance to "balance" it pricewise.
Of course, you can let's say set a fix amount for each team of 10 (1 000 000 gold for example), and a team can decide to be all naked with swords. Their choice.