Depends on how said tournament is constructed. Community tourneys held in the past(end of summer-ish is when someone decided to host one, I think), have had plenty of participation, probably for the point cards alone. No gran entry fee necessary.
If the Alteil team hosts and official tourney...like this one I suppose : http://www.tcgplayer.com/db/game_review ... 384&DBID=4
Then EVERY PLAYER, regardless of current card pool size, would be able to use EVERY card available. So every player could use a meta file if they wanted.
Yes, the current conversion rates are less than desirable at this point, but that's probably because Point Cards aren't as easily obtained as one would think/hope/want. All my FM goes toward avatar stuff.
I'm going to have faith in the achievement system which will hopefully allow more point cards to be acquired more easily. Considering that Logress' STATE OF ALTEIL address mentioned "first or second quarter," the wait will probably be a while.