Any clever ideas for a 1v1 (or more) competition?

Server wouldn't be dedicated, but we can keep the competition on one map and and character, items found only on that given map.

I'm thinking something along the lines of we spawn in, gather enough materials for a raft each, both set off from same location and then set a timer (or maybe not even) by which we have to find a place to establish our first home. Then hostile and make sure not visible on map, and let nature take its course? See who beats first/next boss first, and if we run into each other, can BATTLE and loot tombstones (is that a thing)? I just question how often we run into each other, and how good of spots we can respectively find on a map to establish early, etc. What is the honorable thing to do when (if) we find others portals or farms, tear them down? Slaughter the livestock? Should total destruction be end game or does that come after last boss defeat? Or maybe, you can only conquer other bases if you are up at least one boss on the next guy? I can imagine building a covert little outpost in a tree and waiting at a location I anticipate seeing opponent, like bonemass spawn, and sniping em good with arrows before they know what hit em… Oh, and guess we'd have to be lucky to both get some sleep right??

Anyone have any thoughts on how to make something like this entertaining?