I received an invitation to be "honored for my contributions to the arts" back in 2002. (Martial Talk wasn't a year old yet, and I was a yellow belt). To "secure" my spot they wanted me to send a couple hundred bucks, to cover the costs of my award (a nice wall plaque), a ring, and the banquet.
I declined.
There are literally dozens of HOF's, and at the risk of seriousl pissing folks off, my opinion is, they aren't worth squat. They look nice on a resume, they pad it out, and maybe you can do some networking while waiting for dinner, but other than that, I dunno.
Any organization can start a HOF, set whatever criteria they want, and award however they wish. There are maybe 2-3 that are worth being recognized by, though even those I've heard things about.
To me, any legit HOF wouldn't charge the person being recognized a dime, and the costs associated with the award would be covered through sponsorships and donations. This doesn't mean they should give everything away for free, but that the core shouldn't cost.
My opinion. I'd do the whole "sticks n stones" thing, but I am on a martial arts site after all. LOL!