Since no one has posted to this I will try, but what I am posting you probably did the research yourself and is redundant.
I looked up the WordMasters Challenge and there is a website:
http://www.wordmasterschallenge.com/elem.htm Though they give examples they do not go into detail about the rules and how the class prepares for it.
In my opinion it is much better process than spelling bees since the "competition (supposively) addresses higher-level word-comprehension and logical abilities and helps students learn to think both analytically and metaphorically." There is suppose to be two levels per grade: l. average students and 2. gifted/talented students.
I hope this helps.
