First I would like to say go for it! That is quite a challenging goal but in my opinion well worth it.
More to do with vanity than fitness?? Have you happened to have seen the requirements this year to get in?
7 muscle ups
10 wide grip pullups
10 leg lifts
7 more muscle ups
All done in 5 minutes.
To me that is more fit than someone who can bench double their bodyweight.
Sure it may lack leg work but then you can do that on your own with pistol squats and shrimp squats. Download pushing the limits by al kavdlo to round out the workout.
I'm very much interested in working on the bar. Great work out for the core and upper body.