Upgrading to Arcane

I recently purchased Blackfyre and am looking at switching to Arcane after noticing the tournament feature but before I do I am wondering a few things.
1. How does the reward system work for Arcane? Can players just put whatever they please as a reward when creating a tournament? And does Arcane provide a plug-in for distributing the rewards when tournaments are won?
2. I noticed in a thread that you said tournaments might be coming to Blackfyre. Is there an ETA on this or not because it could determine whether or not I would get Arcane.
3. Are pay to play tournaments included with the purchase or do they require a premium plugin as well?
4. How would I go about exchanging Blackfyre for Arcane if I did want to exchange them?

Thanks for any help.