I'm going to go with a "No" on that one. If everyone has the ability to allocate 142 points to something we'd just get malcontents wanting no seeds, wood, armor, weapons, or picks - and I don't think that not being able to dig in a terrifying mountain location with most likely no military dwarves (or weapons) soap and cheese makers who wrestle infinite amounts of skeletal mountain goats is either fun or possible.
I joined this competition because it seemed fun. Not because I'd be able to wtfbbqpwnlolggdoom every mountain goat this side of the sun, or because I thought it'd be awesome to embark with no picks/seeds/wood (select appropriate) in one of the most dangerous embark locations possible and hope to live past the first month.
Consider the fact that this is also a small embark area with plenty of infinite, aggressive [BUILDINGDESTROYER] enemies and I'd say that it'd be a challenge enough to survive with the standard embark tools, not to mention something inane and idiotic such as a crapton of cow leather toy axes. Remember, kids: just because it's a survival challenge doesn't mean it's supposed to be impossible!
I'd also HIGHLY dislike it if every single person on the planet picked some kittens to go along and then we'd be stuck shoulder-deep in fur while some zombies eat our barricade alive while we're left starving, dehydrated (remember, no water on this map!), and utterly and totally defenseless. Even in the case that there was a pick or maybe some seeds picked by someone who actually cared about this challenge actually generating some amazing results, there would still be -not enough- and the booze would come much too late. As I said, the Master's Challenge is (im my mind) about overcoming challenging odds and doing it with style. If you're left with what this challenge would turn out to be if everyone allocated points (with some strangely dropping out right before the game began but after they had selected their points...) then we'd have totally wasted hundreds of points on some miscreants who decided it'd be fun to take 20 dimple cup seeds and maybe a few ash piles and then just quit before the contest begins.
Also: skeletal enemies can't drop meat, and zombies drop rotten meat. That means we'd be left with ABSOLUTELY NO FOOD except the animals that pop up in the tiny non-evil area and maybe a piece of camel meat if someone wanted to actually do something somewhat useful. That means that as well as being unable to dig, we'd be unable to eat or drink, unable to chop down trees (except the wagon), nearly unable to farm (only the herbs gathered nearby would be anywhere near useful), unable to defend ourselves, etc. etc. etc. This would also remove any potential to aim higher than the goal as you literally -couldn't do ANYTHING-. An empty-wagon challenge is fine on somewhere like a wilderness temperate conifer forest, but in a terrifying mountain range it's just stupid and unproductive.
If this got passed I'd leave this challenge and not look back regardless of what I've said before.
TL;DR version: Hell no.