You should start with in school or intraschool unpublicized bouts so that your fighters have a clue before you start doing something that takes a monetary investment.
Exactly. Practice the format inside a 6' x6' taped square with something like the proposed rules. See if it works. Make adjustments in the rules and ring as needed. Then build the platform. Try it out. Make sure it's safe and make any necessary improvements. Maybe pad the top and sides? Get the wrinkles ironed out then invite other groups. Share some videos.... and if it's fun, get some bigger groups together.
Somebody with a real school and a good number of students could actually get something like this going. I'm a part-time instructor and only have a handful of students split between WC and FMA. So I'm definitely not the guy to promote this.