Thanks for the comments and thoughts.
I guess I hadn't really thought it through very well. I'm definitely not in a position to start a non-profit corp., and I see now that since proceeds from an auction would be paid to me first, it would legally be income regardless of what I do with it, including giving it away.
As for content copyrights for pictures etc., I see your points (although I never intended to suggest endorsment by LAF or Lance). I guess a copyright is a copyright is a copyright.
I am still considering writing to them to test the waters, but after reading your comments and looking over their site I am cautiously optimistic at best.
Oh, in related news, Lance Armstrong just won a case against someone fraudulently selling the yellow LIVESTRONG wristbands.
http://msnbc.msn.com/id/9884897/
BTW, how do all these celebrity and other "people" related sites get away with posting all those pictures of athletes, actors etc. I don't "buy" that they all have photographers out there at all events, and I suspect they are not licensing all their pictures. Are they just playing a numbers game hoping to make a buck before the hammer hits or am I missing something?