I don't see the problem with high pingers playing low pingers. Part of the skill in VC:MP is to be able to adapt to your opponents' lag. If you think about the players who have historically been seen as the best fighters in VC:MP, there is a huge variety in their pings - from low-ping Hanney to high-ping Ashay. FPS is a bit of a problem, I'll admit, and I think there should be a limit there. Something as insignificant as ping whining shouldn't stop a great championship from going ahead. This was the first big event to hit VC:MP, and had a profound influence on the revival and growth of the community in 2009. It would be a shame never to repeat it.
Having said that, I do think a couple of other limits should be put in place, as the 0.4 weapon dynamics have altered the balance in dueling a little. In my opinion, the following weapons should be disallowed: m4, ruger, explosives, chainsaw and anything fire-related.
We gotta remember this thing is supposed to be fun. Okay we have to try to make it fair too, but no competition here will ever be 100% fair. What I'm saying is that we should accept that there will be a degree of unfairness, and value the championship for the fact that it can be super fun.