Even If you guys want to go with the regional paradigm, it sounds okay. We can first have regional champions and then proceed to have them duel each other for an ultimate champ of the event. Meanwhile, the regional ones maintain their ranks irrespective of the outcome of their global matches.
As for the ping issue, can't we just decide the host according to the two players who are dueling? For example, if it's someone from USA dueling someone from Asia or the Middle East, why not have a host in Europe where both players can expect if not equal, then decent pings?
If you want players with equal pings dueling each other, then they would be probably from the same region. What's the point of the event then? Just a couple of people dueling their friends from the same region like any other day? Diversity is the entire point and you guys are missing it. It would be more exciting to watch it this way. You can't control pings completely but partially.
Here's my final stance: First have regional champs with ping limits in accordance to their region. Then make the regional champs duel each other for a final champion of the event, with a decent host and ping limits in accordance with both players who are dueling . The final winner maintains both ranks, regional and global one, while the others get to keep their regional ranks regardless of the outcome of the finals.
Fair enough, right?