I think the inherent issue is that if it were primarily a midget event, it would pale in comparison to the Chili Bowl even if it paid $50,000 to win, and would feel like an also-ran. It started as a late model show, and there seems to be a segment of fans that enjoy the chaos there. For me the quality of racing by late models on that track is somewhere between terrible and barely decent depending on the race. If the hype works well enough to make it a profitable event, then it's better than nothing in the dead of winter.
If they could figure out how to put more banking in the track and rough up the bottom so that the top was quicker for the big cars, that would help.