The way I understand it, you need to have a representative at the district meetings. In some districts, there are no more than a few clubs who are willing to host the events. The clubs that do, say so and then they are voted on by the other coaches at the meeting.
If you want to pursue this, here are a few things you must have....
1. Adequate space (more mats with the addition of 14-16 yr olds and more seating for the extra spectators)
2. People willing to work during sub-district/district (most people would rather watch their son/daughter wrestle than work during these important tournaments).
3. Expertise at running a smooth tournament (you don't want any mistakes that may cause a wrestler to end his/her season way too soon).
4. Experienced leadership to handle all of those questions that come up. (seeding meetings, brackets, medals, rule interpretations, ect.)
5. Time (in my experience, it took our club more time to plan the tournament for sub-district than when we just did a regular tournament).
The plus side is that you can do the brackets ahead of time and don't have to worry about people changing weight or adding kids like at a regular tournament. The downside is that you don't make that much more money than you do at a regular tournament but will work longer hours and spend more time finalizing everything. (there is more pressure to do a good job)