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I think that the people who might not be able to justify expending the money to buy some packs but would be willing to write for you to earn them would probably write further and would have a potentially exponential value in terms of promotion. But not if they would likely pull a single common developer with their meager rewards.
I fully support @jfuji and his vision on how to move forward on this.
A few considerations:
I think it’s a great initiative that aim to involve users in the project and keep the community alive.
As for many contests in HIVE or even SL tournaments for example, in which I took part, often the amount of the reward itself does not seem to be enough to cover the effort/time spent, but there is perhaps the fun in participating in the contest that goes beyond the prize.