Madison, WI peeps - hill climb TT?

The road/mtb team I'm riding for this summer has been batting around the idea of putting on a small-scale hill climb time trial on one of the climbs near Blue Mound park. Unless we went all the way up to the main park from the back side, it would probably be around 3/4-1 mile - short, but extremely painful. Three questions -

(1) Is this something you would do?
(2) How much would you pay for something like this (no t-shirts, no timing chips, a little food and music at the finish, etc.)?
(3) Would you also/rather do a running race on the same course? If there was a large contingent of triathletes involved, I'm sure it would be no big deal to have a footrace after the bike race. Maybe we could even have some sort of best-of-both competition.

This is obviously in the very early planning stages, and I'm not sure it will even happen this year, but I wanted to put some feelers out there.