Yeah possibly. Im not really a fan of chess, just thought it might be a fun idea for those who were. 

You both have really good points. The issue with the few days thing is that would be more complicated to implement from a programming perspective. They would have to alter where the assignments were sent after you finish it and leave it there for two days, it also means that assignments for people who didn't want to edit would have to wait extra time to get their assignment back. 

An alternative could be for the payments for VIP to be broken down into several smaller payments.