It's a really enjoyable race but getting busier and busier each year so don't count on any personal bests.
I usually just pay the fee myself and have only asked for sponsorship once for this race. It seems like every race wants sponsorship these days (unlike any other sport), but I don't like hitting friends and family up for money 10 or more times a year so I usually just pick one race per year and pay all entry fees myself.
Great idea. Having a race planned really concentrates the mind to get trainging and the buzz on the day should push you to run faster than on a normal training run,