I think you used the right word - "campaign". An event of this nature is not to be taken too lightly. If your idea of race preparation is to take along a map and a crate of beer, then yes, stick to cruising protected waterways (unless you`re from Australia or New Zealand !).
In terms of being an "elitist" event, I think that the fact that they change boats frequently, as well as the fact that it does cost a lot to do, probably excludes the average sailor, which is just as well - I`d hate to see the rescue
reports if you threw a whole bunch of weekend sailors at the Worrell. The race also attracts interest from some of the best ocean-racers, which also makes the possibility of the average guy qualifying a bit smaller.
Looking at the last Worrell from the South African team`s perspective, it was sailed on a tiny budget, since you can take the cost and multiply it by 10, so a $5000 entry fee is about 7 months income for an average guy.
If the desire is strong enough, you will make it happen.
It all depends on how big your dream is, and how much you are prepared to put into it.