I take that everyone is interested in that kind of competition. So let's try to organize one. I assume that we need at least 4 people for this (1 host and 3 players).
As for the format of the competition I see it like this:
The hosts posts a level, deadline is set to be +30 minutes. The one who sends solution with the highest score wins. Any number of solutions can be sent before deadline.
This can be done via either an IRC channel or forum private messages (I don't know the timestamp precision for pms though)
And the most important thing is to find time when we can run this. I hope to run one this weekend.
My timezone is gmt+3 (Moscow) and I think I'm free this weekend so almost any time is fine for me.