This is quite underdeveloped.
Why is there an entry fee? What's the complete list of prizes? What are the approximate chances of winning based on expected turnout? How can you independently verify a clean inventory from each fishing participant? How are outfits judged? By whom? How can you guarantee the integrity of a PVE event in an unpredictable PVP area?
It's one thing to do a private guild event where everybody is on the same page, and give away stuff to random guild members because you want to. Problems arise when you say, give me a fee and maybe you'll win something.