The fishing expedition chain letters with a dozen receipients are non-starters for me, just like the rest of you. If you can't narrow it down to two, or possibly three possibilities based on your research and previous work, and then make personal contact, it really does not reflect well, and foreshadows a potentially unpleasant working experience.
Experienced professionals who are worth having do the job just are not desperate enough for work to jump through such insulting hoops, spending valuable time for so little chance of return. I have existing clients I need to service first and foremost. If this is the value they place upon our work, is it reasonable for them to expect to have any higher value placed on theirs?
Honestly, the more experienced and professional the client, the easier it is to get the job, and easier they are to work with. The most demanding jobs are often the lowest budget. I'd like to offer the benefit of the doubt and hope that the most recent mastering chain letter initiator just didn't think before he acted. I wish him success in completing his project.