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I would say that, depending on how good of a contest is (how much interest there is for it), you should make a blog or simple site OFF of myspace and then use your myspace page to link to it. Just make your page link heavy, well designed and try not to make it look spammy. Then monetize your non-myspace page.
Look in the different areas of EF to find information on these different parts (web design forum for setting up a site, monetization forum for making money off of the site, myspace forum for learning how to build up your myspace network).
Build your plan, figure out what you need to execute, then look in the different forums to get the info you need for proper execution.
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