I don't think applying is a very good idea. Even a skeptic should be able to see that there are severe problems with Randi's million dollar challenge. The most obvious one, mentioned by Open Mind earlier, is that since no papers are being published about the tests, there is no way of knowing whether they have been conducted in a proper way or not.
Also, consider the following two statements about the application rules:
"When entering into this challenge, as far as this may be done by established legal statutes, the applicant surrenders any and all rights to legal action against Mr. Randi, and/or against any persons peripherally involved, and/or against the James Randi Educational Foundation." "Applicant agrees that all data (photographic, recorded, written, etc.) gathered as a result of the setup, the protocol, and the actual testing, may be used freely by the JREF."
Basically you'll have to leave everything in the hands of Randi and his foundation if you apply. I don't think that will help to further any scientific efforts, with open collaboration from both skeptics and proponents.
(
Challenge Application - James Randi Educational Foundation)