I think it is pretty hard to balance a competition purely for teh fact that we all have very different pc specs and some could just not compete with others. The only way you could do that for example is if all i7's of a particular kind were against each other or all i5's or 460s / 480s etc etc, you then need to verify it although I am sure the people on here would be honest about their rigs (it is that kind of place).
You then have the drama of what WU a person is issued which kind of leaves it to luck unless you specify a WU to complete and a start finish time must be shown. Again this could be for all types to help balance it out so SMP A3, or bigadv for those who can run them, CPU for those who cannot the same for GPUs.
I admit it may take a bit of setting up in order to identify the diferent sections, which in itself could overcomplicate it, making the competition difficult to understand.
Another option could be a team recruiting drive, whoever recruits the most members who join the team, post their recruiters name on the forum and fold complete a given amount of units a week for at least a month could win.
I will also look into a logo, My thought would be a tachometer with flames in teh redline area and superimposed OC3D. Will have a play tonight.