I think the main idea with this tournament idea (in my mind, anyway) is the opportunity to mix and compete -- most likely in that order.
We could include a second chance tournament for everyone that gets knocked out in the first few rounds of the main event. In a regular double elimination tournament, I believe half of the field is eliminated after just two rounds each side (first round on the winner side, half the players go into the one-loss side; first round of the one-loss side, one quarter of the field is eliminated, 2nd round of the winners, another quarter of the players go to the one-loss side; second round of the one-loss, another quarter of the field is eliminated). Maybe at that point kick off the second chance.
That is exactly right Steve,
A get together with a nice dinner and a few drinks, get to know each other, relax and have a good time. We are all about the game of one pocket and most of our hearts beat pure for the game, mine being a recent conversion... The idea of a 2nd chance tournament certainly appeals to me. For those of us concerned about bang for the buck, this seems to add good value and extra time at the table. I for one would endorse this format as the best offered up so far. Good idea...