While I think it could have potential awesomeness being on each of the individual shards, Promathia has a point.
Also, I wouldn't mind having leaderboards and/or a ladder for it posted which would be reset monthly (or every 3 months or every 4 months) with
*small* prizes given out to the top contestants for recognition of their achievements. For this though, some more tweaking would probably have to be done, but I don't see it as something that is impossible.
...It could also bring esports to UO, which would be awesome.
Edit: I want it to be known though, while I would like the idea I posted above to happen, I would like for it to somehow happen in a way that does not hurt the current pvp play style on live shards, just as something a little extra to do. Perhaps a tournament style setup would be in order (think how MLG does things; such as "pool play" before the brackets rather than a ladder or going by leaderboards)