Right, there is no 'quick tournament setup' where you tell WGT what you want, program it and go. You have to setup the tournament yourself using spreadsheets, graphics or whatever else you desire. You create, adminster and execute it yourself. You just use the game as the platform to play the matches.
Alex: This is a good hidden suggestion for "Sit 'n Go" type tournaments. I'd start a 'multi-player' tournament like I would start a regular game. Instead of having only 3 free slots to occupy, you could make up to 30 open slots in the lobby screen. Tournament starts when a minimum number of people fill up the room and the host hits ok. It splits everyone off into random threesomes and the tourney begins (could even do a shotgun start). Once you are done your round it returns to the same multiplayer lobby where everyone in the tournament BS'es and watches the results come in. It could be for no prizes, or to encourage people to play you could give the sit 'n go tournament winners up to a 5 cent credit depending on the field size.