One thing to think about though is that if there were a team IOW and there are 4 people on average per team... are enough people going to participate to get a reasonable number of entries? Maybe 10 on a good week? So even if you double that for an event, you're still only getting 5 entries in total.
Also, I personally feel a bit nervous about how well working on an illustration would go with a team.. character design seems a little bit more conductive to a group environment. But I could be totally wrong, because I've never tried.
I'm not trying to shoot down the idea of a team IOW, just that personally I'm feeling the event would be stronger if it were combined with CHoW, since that's guaranteed to get tons of people. I guess I'm coming from the perspective of getting people active on CA in general, instead of driving them towards a specific section of the site.
And I don't want to forget about COW either, I still think that or combining that with CHoW would be really cool :<
mods need to take the reigns on this now, haha<_<