It would be better if you came in here with an idea to start the ball rolling along. Just asking if we'd like one isn't going to cut it, plus you didn't even give us a poll to vote on. And we already have a competition, its currently on a planned hiatus, it's called the GTPD1GP. And its barely getting by as it was.
Now I'm assuming you're talking about about a comp with drifting vids. If you want one with drifting pictures, there already is one, it's in the PhotoMode Competitions Sub-Forum.
So I imagine this thread is probably going to be closed.