Sounds like a good idea, that. You're right, if you split the cost over 3 months and keep it infrequent, then it just becomes a cheap way for people to have a good game of Magic, and then compete to win.
Doing a Booster Box Draft could be good fun, me & Amelia would be up for this as they're always a good laugh. Plus playing casually you're less likely to pick the Rares and actually end up with a decent pile of cards to make a deck with heh. Between us we'd easily have enough Lands to do this.
Just found a couple of Worlds decks. Basically it's a pre constructed deck packed full of mostly rares. Gold bordered and not tournament legal, but they were bought got fun. One of them I had the cards to build and played something similar at type 2 tournaments myself, whilst it was legal.