In reply to I think he's asking about the quality of the mixdown and mastering - ie : will a good tune still have a shot if the mastering is out of whack and needs work. My gut feeling is yes, but it IS a production competition so the pure audio quality of the master you submit will probably account for a fair part of how your track is judged, i'd imagine. Regardless, a track will always need a bit of re-mastering before it can go onto vinyl, but I think - especially given some of the very talented up-and-comers here - that the submissions will have to be pretty damned pro-star to compete.
Word, I don't think the mastering will matter too much if at all, it has to be mastered by the professionals properly anyway, I'd expect Dom and co. would want an unmastered copy of it if you win anyway.
The mixdown is going to matter more I'd say, eqing those frequencies right and fitting it together nicely.