Looks like Kelly addressed my concerns in his first 2 sentences.
If you're in this swap to receive a top end bow, then I think you're in it for the wrong reasons. Requiring people to have a certain level of demonstrated experience before entering kills one of the greatest benefits of the swap in my opinion. If I were to get a bow that a new bowyer had worked hard on that still amounted to a modified 2x4 with a string, I don't think it would change the the satisfaction I get from participating. Nor would I want people to feel pressure that they couldn't try to push themselves with a new style of bow or other attempts to up their game during the swap in order to eliminate any risk. Having a recipient, a deadline, and the comraderie of the swap thread has gotten many successfully started on the bowyer path.
Don't loose track of what's important in the swap. It's the advancement of bow making on the collective level and the fellowship that goes with that.
The question I think we need ideas on is how to try to encourage people (myself included) to put the level of effort they find in June/July into their bows back in Feb/Mar so that this doesn't drag on. I don't think limiting participation or grouping people into experience levels does anything in this respect. And in all other respects, I think the swap is about as good as it gets when using my prior paragraph as an objective.