This is a great idea as a scholarship for students or student groups building RepRaps. I am a college student, and I would love such an opportunity to be available.
I really love the egalitarian philosophy of RepRap, and as a community college student, I would really love to see the RepRap promoted among community colleges, where there isn't always money available for fancy, expensive equipment or research.
How about a community college scholarship contest?? I would be thrilled to help promote this in my area!!