I think having a race along the lines of the currently proposed one is a great idea, my only concern is calling that race the "Little America's Cup" since it has clearly deviated greatly from the original intent of the trophy. If the current economic situation does not support the ICCT original intent then just adapt it, ala the "BIG" AC did when they changed from "J class" boats to 12 meters to keep costs/transportation/crewing issues in line. I would like to see the original developmental format, but modify it to one of the other, smaller, developmental classes like the "A", "B" or 18 square classes.
Just my opinion-

Kirt