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Rebuys: Having rebuys allows us to have a lower starting buy-in but still be able increase the prize pool. It will result in the first round dragging on a little longer, but the limit of one rebuy shouldn't make a huge impact to the ending time of the first round. We always do rebuys a little funky in that we allow rebuys until the money bubble is reached. The blinds usually act to deter rebuys at a certain point (except for the extreme gamblers).
The issue with re-buys is not with lengthening the first round. That would only change the amount of the total chips and that should not be an issue, particularly if you are going to have it done with a time limit. The issue is going to be that if you allow a re-buy (particularly later in the shootout) then you are giving a player a just below average stack at the table. There will be players at the table that are below the re-buy level. This will cause people to play for a re-buy instead of making correct poker decisions. This is fine in a regular tournament because you will need 3-4x the starting stack in order to compete at the final table. In a shoot-out, you could re-buy late and then work your stack to just make the final table (and then get a reset on the stack as well).
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Time limit: I think this has a lot of merit. At the end of the day I don't want the overall poker tournament to go past 6 hours. This can act as insurance to make sure the first round doesn't drag on too long. Currently it looks like round 2 will take about 3 hrs.
Then I might go for five 30-minute rounds in the first round. If you have a 5,000 starting stack and 25/50, 50/100, 75/150, 100/200, and 150/300, you should be 20-25BB/player at the end of round 1 which should allow for some really good play through the first 2.5 hours.
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Final table chips: I like the extra twist that re-setting chips at the final table adds. The starting stack will be 10X the tournament starting stack (50,000 vs 5,000) but that doesn't really matter as the blinds will be set to accommodate the larger starting stack. The fact that the chip leader and someone who is very short stacked are back to equal footing can lead to an interesting dynamic.
Re-setting the chips is fine, but I think that continuing the 30-minute blinds (200/400, 300/600, etc.) with a 5k starting stack would get your 7-person table finished up in 3-3.5 hours and the whole thing done in your 6 hour time limit.