Sounds like a similar idea to what was recently held in Hot Springs, MT. The Northern Rockies Team Challenge was a 2 day event. First on Sat. was a regular ol' C-tier/Sunday qualifier. For those who were on a team They received a seeding number based on how they finished Sat. within their designated team then on Sunday it was only team competition where the seeded players went head to head Sunday to compete for a team title. Check out the Garden City Flyers Website, here's the link directly to the topic:
Sounds like a really cool format and I like this format idea better than individual series events.