Because a bit of drama is, in my opinion, an OK thing now and then, a drag race. You picked H impulse for altitude, so let's say H for a drag race too. For an added challenge, the same rocket for both altitude and speed, with different motors (and maybe exchangeable weights) allowed for the two flights. That's also an opportunity for educational content, as the choice of motors (and weights) is explained.
As for judges, just try to keep Adam Savage away. It doesn't matter if you invite him, he'll show up and sit down at the table anyhow. (And that wouldn't be so bad if he only sits in one of the co-host seats.)
Incidentally, there was a rocket build episode of Junkyard Wars. As I recall, the teams did good, safe builds that worked well. The teams "found" pristine Aeretech cases. There was always some planting of key items in the "junkyard" on that show, but those cases were really blatant.