Organizing a wake competition

I live on a lake that has a restaurant with new owners. They've busy remodeling the place, and i thought how great it would be to hold a wake competition there. I will have to come up with an outline to present to the owner, and hopefully get to use the facility. My question is, would it be better to have the competion in the late afternoon/evening, advanced and outlaw division, and end the event with hanging out at the restaurant into the wee hours of the night. Or have the typical morning event.

Also, if you've done this before, have you contacted any of the major wakeboard companies for event sponsorship, like product for prizes, etc.