Interesting, but the admin/ref count is very high. This is to be expected as it needs to be that way to reduce the possibility of cheating.
But that would likely require a very high admin count to keep going forward, if your admins also want to compete.
9 to 10 per event doubled to have trade offs between events is a lot.
It is however an interesting idea, and the balloon as a target is excellent I know from experience they are a lot harder to burst than most people think. The real mag limits are also a good idea although I would suggest dropping the bb count to as low as 500 for the day.
Not surprised about the smoke, it tends to be a little over powering. All in all a nice idea. Keep the thread updated as you go forward, I am thinking I would like to give this a try out west here.