I guess it all depends on what you value. Steve makes some good points regarding growing the interest with all levels of wrestlers, not just the top shelf guys who have wrestled since kindergarten. "fan" values a single tourney which allows the best of all classes compete at the same tournament.
At the end of the day, I suspect there will be resistance to collapse 4 tournaments down to one, which means going from 896 wrestlers (4 tourneys * 14 weights * 16 wrestlers) down to 224 (14 * 16). That's a big drop off in the number of wrestlers and families and coaches and managers and cheerleaders spending money on food and gas and lodging and t-shirts and tickets. We are talking a significant amount of dollars.