perhaps, but if you want top quality work, it would be better not to have a time limit. Then again, I see the point that everything needs to be done on time so everyone can be assessed...
Pulse has allready been created... I assume the purpose of this contest would be to 1. inspire mappers to create high quality maps, and 2. get new good maps released with 1.2.
As Pulse is not new, and afaik
will be included in 1.2 (and if it won't be than entering it in a contest won't do any good of course) so things like this won't happen.
And OP never mentioned anything about a date, although of course there would be, you can't hardly have a competition without a finish now can you?