"Prizes will only be distributed if 3 different party contestants enter and post their times"
I don't think there will be enough entrants then, there's only a handful players interested/motivated to join. You should consider making the teams, 2players only so hopefully it would be enough teams then. Iv'e done and finished 2player runs with under already (with all the rules stated in the starting post). It's doable and also more challenging. But there's no point if there's not enough entrys...