you guys decide because i honestly don't give a fuck
double elimination will take longer but teams will have a second chance to go for the gold after losing a match. it looks something like this and is traditionally used for 2 team tournaments.

single elimination will be shorter in duration but teams will be eliminated at a faster pace. the cost of a mistake or an absent key player holds a greater value here. you could consider this more competitive than casual, therefore less desirable for a draft tournament. This is an effective format to end the tournament in one weekend as seen with Asmo's Myth2Hazah Draft Tournament, which I thought was a really efficient way to end it, but mostly due to the fact the MWC tournament was about 8 weeks long before it.

choosing single elimination or double elimination will affect the duration of the tournament following the final round of QR (which is also tentative until we figure out how many captains/teams will be participating.)