The competition is a revamped edition of the Live League which grew in popularity during the Covid-19 pandemic.
The event now has a purpose-built studio, with Taylor impressed by the facility.
He said: "When you think that it was a derelict church, they've hired it for five years and they've done all this work. It's absolutely fantastic, it really is. They've put a lot of effort into it, and that's why I think it's going to be really successful."
Looking back at the progress and growth of the competition, Taylor said: "What the MODUS team have done is absolutely brilliant. The concept is fantastic.
"For the players now, the semi-professionals I'd say, the opportunity for them is there to earn themselves a few quid. Especially this time of day and age where everything's going up, gas and electric bills and everything else. This is where they can make a good future for them and their families.
"They have to put the effort in, don't get me wrong. It's hard work but it's going to be brilliant for them. I wish I was starting again, I really do. Even though I've had a fantastic career, this is a great opportunity for anybody that's just up and coming now."
When asked how the event can act as a launching pad for professional careers, Taylor added: "First of all, they get £250 for playing, so they're going to get paid to practice - that's what I think.
"And if they then do well on the night, and then they win at the weekend, then they can win £5,000. That puts them through to the final after 12 weeks, and then on the 13th week, they can win another £20,000. Where can anyone do that this day and age? Nowhere."