You're the coordinator, so choose for the finals what you can deal with. If you can deal with HuffYUV and Lagarith, allow both. Because of the smaller filesize Lagarith is preferable, but it seems like not all editing programs can handle it properly, so it's better if the editors can choose.
Two more points you should add to the specs. Since you say 720x480, specify if it's 4:3 or 16:9 (640x480 or 848x480 would make it obvious, but so it isn't). And tell how should be dealt with footage that doesn't fit - letterboxing or pan and scan (or what else is possible).
I'd be interested to join too, but in the moment I have no idea about song/anime. Do you have any plan how long you'll keep it open for joining?








