Such an idea does have precedent. The Denver chapter of Trout Unlimited sponsors the South Platte Pro-Am Carp Slam, which allows some of the finest carp fly fishers to compete against each other while raising funds for the restoration of the South Platte River. The Carp Slam is a fun and challenging tournament, joining fly fishing and conservation in an unique event. Surely some version of this model could be successful elsewhere.
The Great Miami does pose some challenges of its own. Wading access could be limited and the river does rise fast after heavy rains. The carp population is healthy, but we'll have to assess whether a wading style tournament is actually doable on the Great Miami.
Conceptually speaking, the idea of a Great Miami Carp tournament is still just that -- an idea. I've received a board directive to develop a feasibility plan for such an event. If nothing else, I'll be presenting a lot of flies to river carp during my research/tournament viability "study." And that is alright by me.