Are the various proposed projects vetted at all? This seems like the sort of thing that would result in lots of pseudo science getting funded or is it buyer beware in that respect? Also do you envisage any way of helping fund less glamorous projects?
I'd actually be more concerned about trying to define "junk science" than having a bunch of psychics running experiments.
What is the harm in someone putting their own money into a pseudo-science experiment? It will fail if it's an incorrect hypothesis either way.
In fact, the feedback loop between a "believer", their money, and reality, seems like a feature not a bug.