I think that it _can_ be a successful open or F20 event. Look at the Texel race.. They have all types of boats. You could have an overall line honours winner and then break it out into different fleets f20, I20, f18 whatever..
I stated previously that I don't think that F20 will fly unless one (more) or more manufacturers start building to the spec. Right now we have an F20 fleet with 1 manufacturer. I don't think that retrofitting boats to the spec is going to go anywhere...Why do that when they can just buy an I20?