It was meant as only one person maybe challenge for a specific bijū four (4) times a year to avoid people hopping right back "in line" for a challenge. Anyone can challenge but they may only challenge four (4) times for the same bijū. It wasn't limiting the jinchūriki to literally only having four (4) challenges a year, silly.
It is limiting say Dart from continuously challenging for Kurama all year long. No, he gets four (4) shots at obtaining it, and then he has to wait until the year is over. However, to circumnavigate that, Dart could still challenge for the other bijū. Each time only four chances to secure it.
As I said to Bocchiere, it's more fair for the other player in the SLverse to have a shot at attaining a bijū. If you don't like your bijū, then give it away and go and fight for the other one. No need to "stack" up or have another Zenaku ordeal. (P.S. Which was awesome at the time, don't get me wrong.)
The voiding issue seems to be the biggest problem because one side does try to void out. Of course, if both parties can agree, then it would certainly come to fruition but how often does that
really occur? The judge, when being asked for a decision, can choose what can or cannot be voided IF and ONLY IF it needs to be. I.E., blatant god mod, meta gaming, cheating, etc..
I do so very much like the end format of what you desire. I dare even say if these rules are adopted, each jinchūriki make a similar template. Just so much easier for others to read and choose and know how to challenge.