Here is my straight up suggestion.
Play 10 ball, just because of the racking. Either opponent racks or breaker.
12 players, groups of 4 players on 2 tables, each player plays 3 matches. 2 players out of each group advancing to 2nd rd.
Race to either 2 or 3 games, depending on time allotted.
2nd Rd. 6 players, 3 players on 1 table, playing RR. 1 player advances from each group to finals.
You will have to keep track of games won, and scores.
Or,
a ring game format if you get more playersor it can be done with 8 or say 12 players, but say like16 then 4 players playing on 4 tables, 18, then 6 players on each table. Or 20 players w/ 4 players on each table. Top 2 players advance.
You will need to raise the chip value aggressively if time warrants it.
I do not have a clue about handicapping, and fargo rate when it comes to banks. There might be a way to do this. But fargo rate does not have much to do with banks, I would think.
Whitey