I would go with persistant as it typically rewards those that are most active in their participation.

Then  its  not  tourtament  !  Then  its  grind amend!

You should limit the number of entries.  I think there is no need to explain the clear advantages of this.

If  you  limit  the  amount  of  entries,  please  consider  what  you  are  incentivizing.  For  F2P  players,  *time*  is  the  best /only  currency  they  have  that  can  use  to  close  some  of  the  gap  between  them  and  P2P  players.

You  limit  entries,  and  youre  going  to  leave  a  lot  of  folks  on  the  outside  looking  in.  Road  to  hell  is  paved  with  good  intentions,  right?