I don't know that I would want to do first against worst, only because I do believe that people have the ability to improve over a six week season. Then again, with qualifiers the difference in top speed and distance might be so small that it doesn't matter.
@Doomride: I love the idea of weekly prizes, starting with pedals/bars and moving up to a frameset. Sounds like a great way to keep people coming back, IF you know you can provide those prizes throughout the season. In a town like this, that's not really something I can guarantee.
Thank you guys for the input. I'd love to hear more ideas.