Yeah, when we had our team competition, we had one "team" with only a single member and he still submitted on time and all. ^^
So it worked fine in the past, and I don't think it'll be much of a problem if that's the route someone wants to take. =]
I'm currently running the festive resource race, but it doesn't seem to be getting as much attention as the previous one, so I might cancel it next week. But I could help out a bit with the idea, if you need the help.