I have combined and added a LOT of fun stuff to both challenges and made one of my own! Please check out the spreadsheet attached!

Examples of random events
Tornados or fires may burn down a house (you must bulldoze the house, see below for a fun twist) and move the family either in with you (fire) or into a shelter (tornado)
War - will your sim make it back home?
Stray pets
Baby making

Some events have sub-rolls to them. Such as war. You must roll to see if they are hurt, killed, or come home safely.

Examples of restrictions
Placing ANY buildings - even residential (there are some exceptions to this) - without completing a "task" first.
Community lots have hours of operation AND membership fees!
Education
Selling items

EDIT: I have been revising the challenge as I played my first world. I have attached the revised version below.
Spreadsheet/ Rules
If you have suggestions or have questions or concerns, PLEASE LET ME KNOW! I'd love to add your ideas to it!