Just my two cents -
1. Price should probably be higher than 1,000fg. (Though 1,000fg works for me, as I'm going to be requesting one.. or more.)
2. For the splits it sounds good. I'm guessing that if another one of the tags is purchased it would be split the same way in favour of the "second place winner"?
3. Wait too long and.. well.. it's the Graphic Design section and everyone will forget/drop out.
E - Though if too many people enter the split might get a bit harsh.. You may want to enter a minimum for the "winner" to get.