Aquanot,
There are no forum rules about contests (other than Chad Kapper's request that the only prize can be bragging rights), but we generally only have one contest at a time, and there is a contest currently running until December 31st:
http://forum.flitetest.com/showthread.php?6045-Next-Holiday-Contest
Again, there is no rule saying you can't start it up yourself now, but it might be easier to build up interest and get the ball rolling as the running contest starts to wrap up.
Also, it's easier to compete if you're not running the contest. I'd be willing to officiate this one (unless crashrecovery wanted to do it himself again), but not until January. Keep in mind, the person officiating gets to set the rules -- while they generally strive for a level playing field, they also set what qualifies, and "new cover builds only" would be a rule I'd pick for this one (sorry yours is really cool, but for a freshly started contest, it would be unfair, IMO, to let previously finished projects qualify).