That would imply you would be able to capably fill all five servers, if you are going to host it, 5 different locations, but not having in different locations and just having the channels be different time zones could work, but then again, that just raises more issues, as it adds more effective Budokai's a week, and most people in the higher levels of play like the exclusivity of the titles/auras, not to say that everyone shouldn't get a go, just adding more per day because of timezone is a 50/50 solution
The Token idea is fine, but as it's a reigning title type deal, the person who got first last Budokai, will want to try for first again, and if it's on multiple times a week, I'd think it's fairly rude to lock them out of that side competition, as Budokai is no doubt the highlight of the end game.