Continues mate, continues
I'd love to see a "lesser" version of the 20k Fortnightly myself John. I really enjoyed playing Jazzy's tournament, because it gave me a rare chance to see how much progress I could make on 25 continue plays, something I was never likely to pay for in the Fortnightly Freeroll.
They did have Santa's Wild Ride tournies at Christmas (I think the continues cost £1). I quite liked them. But again, it was always going to be tough to reach a top position without paying for the maximum 250 continue plays.
I like your idea of maximum 20 CONTINUES

at 50p (maximum spend of £10) and I have an idea of my own - maximum of 25 continues at £1 (OR 100 continues at 25p each) for a maximum spend of £25. I think we still need to have a top X players win cash while the rest win bonus money format in order to encourage more ahem...."pissing" lol. I think having only the top 3 getting cash (which is what is happening in Jazzy's freeroll) is a little too few. I'd prefer it to be Top 9 or 10 like the Fortnightly. A higher number of cash paying places may encourage more players to go all the way and max out their continue plays.
Ultimately though, only Mark knows if such a tourny is worth 32Red's while. I'm sure he knows how much is spent by players on the Fortnightly Freeroll
and he could probably do some kind of "pro-rata" calculations to see if a lesser version is viable/could work.