That sounds good in theory, but if you're talking about a substantial cache, like 50lbs of Silver, then you start relying on the integrity of each treasure hunter not to alter or destroy the first clue when found. Also, whoever is closest to the first clue will probably win. If the Lat.-Lon. is only 5 miles away for one person. The guy 2000 miles away doesn't stand a chance of getting there first.
Now, if everyone that participated was from the same state, and the first clue was across the country, that would be a different matter. Are you talking about a GPS hunt where all the clues and the cache are in the same state?
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