(( Directed towards Pinstar1161 ))
Seems you missed the point of the original legacy challenge. Before I get started, I want to state that you did put a lot of thought into what you wrote and the structure is fundamentally wonderful.
1. The real legacy challenge does not force an extreme start on the challenge takers (I.E. people were only supposed to use the largest lot, resulting in a meager 1500 Simolians, if they wanted an extreme challenge.)
2. Legacy players could cheat, they would simply mark off points for doing so. This included saving and reloading if something goes wrong. There were also exceptions (such as moveobjects for decoration purposes or to delete a stuck sim.. because bugs will happen if you play through 10 generations).
3. Story progression is forked and should not be pushed upon legacy challenges. A sim you are courting could randomly be moved out as infants... are pumped out like it's the newest Baby Booming Season. Until it is fixed, such a feature should not be 'required' for the challenge except in an extreme challange mode.
4. Life elixirs were not 'forbidden' in the original legacy challenge. Instead you were given extra points for every x amount you bought and did not use. Both items require a high skill in order to obtain (7 Gardening to start growing life plants, 10 cooking to make Ambrosia, and a high fishing skill in order to catch the death fish for the ambrosia.) This would be considered an accomplishment, and players should be rewarded for making and not eating the dishes rather than penalized from ever using them at all.
5. Rich Sims are forbidden, again players were rewarded if they did not marry rich sims, but were never punished in the original legacy challenge.
Again, you have some good concepts and a good footing... however this feels far less like a legacy challenge and more like a set of rules for which we *should* play to see how long we last. Setting up a point system for a player to grade themselves on based on their choices for their family was the foundation of the Legacy Challenge in the first place. They threw in restrictions and handicaps for people who wanted to throw caution to the wind. (I still remember very first legacy family... ended in 20 minutes as the founder was crushed by a satellite while waiting for her carpool on day 1!) From what I have seen so far, TS3 is making it difficult to come up with a good grading system for legacy playing.