How exactly would you police a tourney such as that. There isn't anywhere that shows the clubs that you use, at least not to my knowledge. I guess if you make it a match play tourney then the 2 players can police the match themselves. You probably would also want to make sure that beginner balls are used as well.
I play once in a while this way but find it way too much trouble to change all the clubs and frankly it takes 5 or 6 rounds to get back used to the clubs.
In terms of playing alt shot games with people who use these and can shoot the lights out, no I have not played with any of them.