Thanks for this post Sean. I am heading up production for the DOTA 2 monthly and the StarCraft 2 monthly at GameClucks with absolutely no budget. The model we're doing currently includes no live audience, but has an online audience, so it saves quite a bit on production costs. That said, I love your ideas here, especially about getting license from the game publisher and pushing out naysayers.
Hustle is the right word here. When you have no money to cast the tournament and you're bringing in all your own equipment from home, managing the stream all by yourself, doing technical direction, observing, hosting, casting, fixing equipment, configuring hardware, setting up lighting, creating overlays, fixing sound issues, and more with only a little (or no) help from volunteers, you need that hustle.
I am looking forward to your big list of resources and tools and hearing your stories about running tournaments.