. . . scheduling a band is not a high priority for planning a surf contest. It might be a nice add-on, but plan the event first, and the rest will likely follow, unless of course it's Bruce Springsteen and the EStreet boyz who will draw your surfing crowd. Check with your local ESA organization first. There's a lot more to doing a contest than you might imagine.
The first thing I would suggest is talking to the local surf shops to see if you can get some support in running your contest. Getting give aways, and getting some sponsorship help. Then, you'll need to look into insurance for the event, and getting permission to run the event at your beach.
Outside of these things, the toughest part of running a good contest on the east coast is getting good surf - especially in the summer. I ran some contests several years ago, and we had a 4 weekend waiting period. And we ended up scoring decent to very good surf for all 3 of our events. But, if you choose one day and do all or nothing, then you can of course make it happen no matter what, just like the ESA has to do for a lot of their contests.
You must understand the complexity of a contest. I ran comps with swellinfo and it is not easy and it is very tiresome. We gave away a couple thousand dollars in gifts, clear glass trophies that were sick, and we scored waves that dished out huge manuvers! If you are going to do some half crap event, don't do it at all. Go all out and try to find a new way to evolve whats going on in the surf world. Take a look at the Da Hui Back Door shoot out going on in Hawaii right now. The format is insain. Bruce Irons might have won the event and he quoted, "this is the sickest event I have ever been a part of!" When someone of great status in the Mid-atlantic says that about your event you will feel good about what your doing.
I agree with OB. If you want to get people excited about another contest, make it different and exciting, and big. Or else you'll put a ton of work into it and it will just be another same old surf contest. And, when your ready, we can hype it up on Swellinfo with some banners and stuff.