FWIW, I think the space exists for a revived, public KTR. I think you'd find a lot of people willing to pay a $30 fee for the privilege of racing as a community (which is the major appeal anyway). Have an official start, a sign in sheet at the finish, and reserve space at an establishment the next day for brunch, chatting, and an "official" presentation of finishing times.
Hell for $100 (the avg going rate for an 1 day ultramarathon race) add in a couple of water stops and I think you'll have a whole lot more then 100 people try and sign up!