Okay, here's the first flame.
Look at the holster. Would you want to trust a weapon in that holster? I wouldn't.
Look at how it's rigged. It is NOT an authentic western rig. It is a hollywood rig modified for fastdraw competition and rigged in a fashion that would be really uncomfortable any other time or for any other use.
This is also not a practical application fast draw. The object of the competition seems to be to get the weapon out of the holster and discharged in the shortest amount of time with no effort made at even pointing the weapon in a safe direction or hitting a target. The firearm is actually discharging through the forward cut in the holster.
Fast Draw competition guns are often UNSAFE for live cartridges as everything in the lockwork has been modified heavily for speed.
You want a real test of fastdraw capability, set the person up with a conventional carry holster and a conventional carry gun, unmodified beyond normal self-defense tuning options.
Give the person a silhouette target set at 10 feet or so, and Q target would work well. The weapon must be carried in the same manner one would normally carry it for daily use. (i.e 1911A1 cocked and locked on a loaded chamber)
The contestant is required to jog in place at the firing point until the buzzer goes off, at which point they stop, draw the weapon, operate any manual safeties that must be operated and fire the weapon striking the target anywhere.
Pure speed counts, but center mass hits are worth extra credit for likely initiating a fast attacker stop.
That would be realistic. Want even moore realism, the attacking target should be moving.