This is my opinion as a rookie & amateur sailor but big fan of the Worrell for the last 3-4 races. I think is a good idea to use formula racing, either F18, F20 or F18HT (F16?). But, choose one, I like the format that the first one on the finish line wins. Portsmouth or including more than one Formula class on the same race would be confusing for the spectator and would loose interest.
On the other hand, this race is excellent for some kind of experimental and/or developmental class. This would make the race very interesting and eye candy for the spectator and also may bring some new tech advancement to beach-cat sailing in general. Maybe set some very lose rules and the fastest boat to the line wins...
Now , prize money: How could organizers are talking about a 1million prize money , and were not able to actually put the race together for this year? . Thank God that the entry fee for the 1million $ was not in place for this year...

Jaime