Thats sounds like a good idea..Have small 1 day shows run like 1 in the spring and 1 late fall and still have the huge weekend fest. The carolinas are dying for a regular wrestling signing like in the northeast.When i moved here from ny i was STUNNED about how little wrestling events there are! I went from a monthly thing to 1 WEEKEND A YEAR! Thank god for the fest or id go nuts!  

Okay, I see this thread has been dormant for a few weeks, so Greg may have all the feedback he needs, but I'll throw in my 10 cents (pence?)
 
There are 2 distinct sides to this idea: one is the idea of having a short Fanfest in Winter at a warm beach location, whether that be Myrtle Beach or wherever. I think this is a GREAT idea....its a long wait in between august fanfests (especially if you have to miss one like I did this year) plus its a great excuse to go somewhere nice in the winter....where I live the weather is basically 6 months of freakin' Arctic Hell and 7 hours of daylight....
 
The second side is it being New Years Eve/day. Personally if you did it this year I would come BUT most years that is not the case as usually extravagant NYE plans are hatched months in advance with friends or family. Overall I would say that next to maybe Christmas day, New Years is the worst time to do something like this: its the time when travel is the most expensive and when you're guaranteed that people most likely have lots of other options and commitments for stuff to do, and that's without having the expense or hassle of leaving their home town/area and fly somewhere or take a long road trip for fanfest. And whilst the time between 12/26 and 12/30 is usually no mans lands for hotel rooms as literally no one is staying in hotels in this period, in my experience the extra cost you pay for NYE combined with extra cost of travelling at one of the most expensive times of year negates any small saving you'd get in the timeframe.  
 
Also, whilst I know nothing about this side of things, it theoretically would also be the hardest time to get talent, with the extra price to get them to travel and be away from their families on NYE, and the logistics of putting on photo ops and auto lines, which is usually a herculean task at the best of times, when everybody's been up till 6am participating in advanced 'brewers shenanigans' on the night when they are most apt to do so. I fully understand the idea - that it would kinda be a beach party or whatever for everyone involved, like 'celebrate the New Year with your favourite wrestling legends', perhaps catered by In & Out burger (mmmm!), but I think either before or after the holidays would be better (say late January or early Dec)  
 
Speaking of which....just a dumb thought, and I'm sure you have already, but have you thought about perhaps doing something in 2012 on Mania weekend, actually in the host city? Of course there are loads of wrestlers and fans in town from all promotions, plus with the exception of Mania or the Hall Of Fame there is nothing else that the majority of fans go to (the RoH / Dragon Gate shows never draw close to a thousand, for example, out of the 50,000 or so wrestling fans in town that weekend) so its conceivable that you could do a Thursday evening to Saturday afternoon deal, bringing in the old school NWA, indie & TNA types that Vince has no control over....