I get that you feel positive about your idea "Test World Cup" and rooting for this, there is nothing wrong with that but you still not giving answers about how many games, venues (Draft) etc.
Well.. let me explain in detail.
First there will be a qualifier tournament, in which 8 teams will take part (ICC Test ranking teams 9 to 12, and top 4 Associate sides from the ICC ODI rankings).
So there will be Pakistan, West Indies, Afghanistan, Bangladesh, Zimbabwe, Ireland, Netherlands and Oman playing this qualifying tournament. This tournament will have the same format as the Test World Cup and from this qualifying tournament, the top 2 teams would qualify for the main tournament.
Now let's come to the Test World Cup. There will be 8 teams (Top 6 test sides and two qualifiers).
Let's assume these are the teams: Australia, India, New Zealand, England, Sri Lanka, South Africa, Pakistan and West Indies. Total of 8 teams.
In the first round the 1st ranked team will take on 8th ranked team, 2nd ranked team will take on the 7th, and so on..
So this is the schedule for the first week:
AUS vs WI
NZ vs PAK
IND vs SA
ENG vs SL
Let's say.. Australia, NZ, India and ENG won the test matches and proceeded to the next phase.
Second phase will take place after 5 days of rest. There are 4 teams and the schedule will be like this:
AUS vs IND, NZ vs ENG
Two teams will proceed to the finals. And the finals will be played after 5 days of rest. So the entire tournament is completed within 25 days.
I am not sure about the venue. Given the revenues that can be generated, India seems to be a good option.