I will add, for what it's worth, that I can think of 3 longstanding events in my area that were, at one time, low-entry, trophy-only events, but over time changed to the standard model. It's what most players want---or what those TDs think most players want.
I've also seen a few successful low-entry events, so it's not impossible. It would be nice if more TDs would try it, and give players a wider choice. Especially for events with larger MA3 & MA4 divisions.