"All sponsors will be accepted on a first-come, first-served basis."
Your sentence looks quite fine to me, but maybe wait for another opinion?
If you are the first person to come, you will be the first person I serve, she serves or the person who gets served.
It's really a matter of choice or preference in this case.
Results 1 - 10 of about 1,550,000 English pages for "first come first serve".
Results 1 - 10 of about 3,520,000 English pages for "first come first served".
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Results 1 - 10 of about 265,000 for "first come first served".
Results 1 - 10 of about 30,300 for "first come first serve".
I've been trying to reconstruct the grammar. Although the BrE results are weighted toward 'serve', I see the original as something like:
'(Those who) first come (are) first served.'
I can't find a grammar for 'serve'.
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