We always give OW trophies at our tourney, and used to use the most pins in least time format. However, we felt that slanted the award to the wrestler in an easy bracket, and took it away from a kid with a lot of tough competition.
As a matter of fact, often there would be a bracket with 4 or 5 ranked kids in it, and one of them would be outstanding subjectively, but would be out of the running because they couldn't pin the other studs.
This year we went to a point system. OW must be in an open or "A" bracket, and we give 6 points for a pinfall, 4 for a tech fall, 3 for a 10+ win and 2 for a 9- win. I think this system gives more kids a shot at the trophy.