Is your Caps Lock key broken? I think you should bring it in to get checked.
live chess tounremnt

I think given the speed of 5 0 games you could at least do double elimination, or better yet a swiss seeing as how there's not that much more overhead to allow all your players to take part in every game.
Granted, it will be difficult to pair people by hand even in single elim. so I'd assume you have software to handle the job, and said software is likely to seed people so that it splits the field in half, where #1 plays #26(50, whatever) and it goes down from there.
I think it's also a good idea to start a side chat room to post scores and pairings so as not to flood the main chat page too much, and there's also a bit of organization missing that isn't apparent in your post.

sorry for the caps i wanted to show its important and everyone this is very important and u mit even be champ of chess.com and i will give u a trophie

5 pm is getting on in the evening for europeans, and it's also 2 PM for the west coast and early morning for the aussies... basically it's good for people in CST or EST but not a whole lot else unless you have the night-owls from the UK and western europe.

Ugh, or if you want, you could join:
http://www.chess.com/groups/view/live-chess-tournament
I've tried hosting 2 of these things, but it never works, due to lack of news flow and participation rate.
The problem is, if you try to advertise on the forum, sooner or later it becomes old news, and by then you usually don't have enough people to form the proper tournament, or at least the one you're imagining.
If you're interested in playing in an organized tournament, join the group above. The participation rate is about 10-15 players. Actually, there's a tournament that starts next week.
I just hope that the webmaster or whoever works on Live Chess figures out a way for us sheeple to organize and host live chess tourneys easier, and soon!

By the way,
If you do manage to gather enough people for this thing, then good luck covering the time differnces.
The only solution I can think of is to host it regionally, by timezones that are close enough together so that it is convenient for all to play.
Or, you could just host it here in America. That would be much easier to organize.
On another note,
http://www.chess.com/forum/view/tournaments/live-chess-tourneys

what if i only play 15mins and slower times? i dont want to be in a 5min/game tourney but i would love to play a live event! can we get one that runs 15/10?
EVERYONE HERE WHO PLAYS LIVE CHESS U BETTER BE ON LIVE CHESS AT THE 12 OF MARCH BECAUSE THERE WILL BE OUR ANNUAL LIVE CHESS TOUNREY AND IT WILL HAVE 50 -100 PEOPLE AND THE LUCKY ONES WHO COME AT 5:00 SHARP EASTERN TIME WILL BE THE ONES PLAYING AND THE WINNE ROF THE WHOLE TOUNREY WILL BE CROWNED BEST PALYER OF CHESS.COM AND IT WILL BE WATCHED BY STAFF AND MODERATORS AND THE ONE PERSON WHO WINS WILL BE CHAMPOIN OF CHESS.COM EVEN IF HE OR SHE HAS A LOWER RATING THEN SOMEONE
REQURIMENTS:
MUST HAVE AT LEAST A 800-4000 RATINGIN THE 5-10 MINUTES RATING SECTION
MUST HAVE AT LEAST PLAYED 15 GAME IN 5-10 MIUNTES BLITZ OR CAN NOT PLAY SO GET YOUR GAMES GOING
HOW IT WILL BE SETUP:
ME DRAHNEV WILL BE PLAYING AND SO WILL MY ASSISNENTS KIESH 2, LINWOODMIKE,MEB0135 AND ONE MORE PERSON WHO IS FIRST TO JOIN I WILL KEEP THE SCORES IN MY HOUSE ON A PAPER AND THE PAIRINGS IN EACH ROUND WILL BE PAIRED BY HIGH TO HIGH AND LOW TO LOW RATING AND WINNER VS WINNER AND LOSER VS LOSER AND IT WILL BE A ELIMATION TOUNREY WHICH MEANS THAT IF U WIN U ADVANCE TO NEXT ROUND AND LOSER IS OUT BUT CAN STILL WATCH OTHER GAMES. WHEN WE START YOU WILL TO POST YOUR RESULTS ON THE MAIN CHAT OF THE LIVE CHESS AND WE WILL RECORD IT BUT EVEN IF YOU LOSE WE WILL PICK THE PERSON WHO WE THINK SHOULD STAY IN THE TOUNREY AND HAS A GOOD CHANCE OF WINNING FOR ONLY 3 OF THE 25 ROUNDS.
PLEASE JOIN ON MARCH 12 5:00 EASTERN TIME US AND THEN WE WILL SET EVERYTHING UP IF ANY QUESTIONSPLEASE WRITE ON HERE OR COMMENTS