The problem with this quest is that it costs more than $1.5 million just to level to 16. So, unless the DMs set up "free leveling" for these particular race/class combinations, it is basically a wash. Especially since most people who have the skill to get a character like this to 16, will not be using this character as their main character.
-Bodhi

(addendum)
If you can add something especially cool and permanently useful like some hardcore spell-set (for the mage) or full set of custom armor/weapons (for the berserker), I'm sure people will be chomping at the bit to win this competition.

Did you not read the part about a permanent item fixture?

It's the same reasoning - why level from 29 to 30 when it costs 6.5 million gold but you get no tangible bonuses? Well, you get a statue...

Furthermore, the point was not to pay for your leveling to 16. Rather, it was to offer a financial and a roleplay/bragging incentive.

One more thing - leveling from 1-16 costs, if I'm not mistaken, 1.642 million dollars. So the challenge basically does pay for leveling costs.