MP, I strongly recommend you avoid sending any correspondence to Mr. Wagg using the word "lawyer."
Why? Because in the history of the Challenge, the moment the applicant starts talking about lawyers is the moment he starts accusing the JREF of fraud and threatening to sue. There have been multiple lawsuits against the JREF or against Randi- all pointless, self-absorbed exercises, usually from applicants who failed the test and sued Randi because of the harm it caused them, or because he refused to take their application. I'm not saying you'll be one of those people- I'm saying that after this history of legal messes, the JREF is not interested in getting involved in legal disputes.
There is no reason to want legal protection from the JREF if you can do what you say you can. Consider the JREF's position if you win the prize:
They're suddenly a household name- because the media will all give stories about someone who won a million dollars for being telepathic, and in the process mention the JREF and their long-standing Million Dollar Prize. Randi has stated that he'd be happy if someone won the million. The JREF wouldn't "cease to exist"- there are dozens of other things Randi argues against, such as alternative medicine, dowsing and creationism- not to mention psychics that refuse to be held to the same standard you were. Also note that Randi isn't interested in putting people down- he's interested in finding out about the world, and debunking scams and hoaxes that distort understanding. If psychic powers are real, he'd be happy about it.
Anyway, you won the prize, and you and the JREF are well known. At that point, you say the JREF could sue you. If it did, it wouldn't be well-known- it would be the punchline of a joke. It would give an image of itself as money-grubbing, selfish, and unreasonable. (Think about the two women who sued McDonald's because they were obese, a few years ago.) They signed a contract to pay you money if you suceeded, and then after paying you, claimed that you did something unfair? Not only wouldn't such a lawsuit succeed, the JREF would have to be immensely stupid (not to mention selfish, dishonest, and unreasonable) to attempt it.
There reasons applicants would want to sue the JREF- a brief look at history supports this. If you go through the test fairly, there are no reasons the JREF would want to sue you.
If you really have this power, than it's a ridiculous choice to give up the million based on a fantasy that the JREF is that stupid.