I think it could work, but not for awhile yet. This game is still new and the player base needs to grow substantially before even considering one annual event like this, much less a circuit. X-Wing, for a miniatures game, has a very low cost of entry, stable rules (at this point), can blow through matches quickly (like good card games and unlike most miniatures games), has a substantial skill vs luck factor, an established competitive play format, and a huge fanbase for the source material. Provided the game continues to grow, I could see it developing a "semi-pro" circuit, but not for several years of stable growth and provided FFG doesn't screw up the rules somehow. Will all that happen? Very hard to say.
The other part is that people ARE already willing to travel for Regionals, Nationals, Worlds, even local tourneys. People have proven to travel for other games when the event is large enough to warrant and particularly when you aren't constantly spending hundreds or thousands on new armies every year (I'm talking to YOU, 40K). If prize money support trickles from the big tourneys down to the smaller ones (even in the form of travel/lodging vouchers), they could develop an infrastructure to make it happen, but that takes a lot of time and needs to have profit potential for those running those tiered events. Until that happens, highly unlikely.
Edited by R2ShihTzu