How Would You Do a Bloodsport-style Scenario in Oldschool D&D?

I just watched Bloodsport, and I enjoyed it so much I want to do a Bloodsport-inspired scenario.

This is actually something that could be pretty cool under the Flailsnails paradigm.

Here's my current thoughts

- Is it going to be more like Mortal Combat, with the supernatural aspects of D&D, or a "Martial Class Only", no spells, no magic items, sort of thing?

- This screams for some sort of combat maneuver system. Ideally I'd cherry pick from a bunch of simple options and format/present them as a quick cheat sheet.

- Would NPC antagonists have abilities that PC don't have access to? i.e. a sumo wrestler with special fat-belly attack abilities?

- Armor or no armor?

- Bloodsport soundtrack music would be a must. KUMITE! KUMITE! KUMITE!