How about doing the Mr. Getbig before the Olympia and having a VIP Mr. Olympia package as the grand prize? (Talk to Chick...I am sure he has some connections.) Maybe you could even have the winner do some guest posing in the exhibition hall, sponsored by Ron A. 
Give contestants some better incentive for competing.
Not trying to down your idea, sorry if I seem that way.
It's international recall, was promoted a West Indian and Columbian, site done by an American, won by an Aussie, with a Canadian and Americans in. If plane tickets are not included [Honour's would have cost about $2,000], prize could be useless to many. Also, then it may limit people, as some nationalities basically need to give months notices, and file about 40 documents to enter the USA, some people may not have time off work etc.
Basically, cash was kind of easier, everyone can use cash.