Model #1 is similar to how Terminus runs the Pokemon tournaments, I would set up a bracket and randomize y'all and it would be up to the participants to move the tournament along.
Model #2 is a more traditional Smash tournament, we would have to set up a time that works for everyone and all meet together and use the tournament mode in Smash Ultimate.
I'd like to hear feedback on those models and what rulesets y'all wanna see, items or no, how to set the stage, etc, etc, etc. I'll let the discussion run for a week or so and then set up signups based on the more popular option.