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this player is the slowest player in the game. Every decision is a long decision, and there are times where he is slow to even look at his cards. So when he isn't at the game we actually get more hands in each level making...
... making it much more fun when he's off drinking.
The only problem I see is you need some new players to rejuvenate the game. recruit!
It's a mistake to think of the blinds as the "cost" of an orbit. Everyone has the same chance to win them back, so on average, they're a wash. They are simply a mechanism to start the action. Late arrivals are not bypassing the cost of the blinds any more than they're passing up chances to get dealt AA or catch some other good hand and win chips.
I don't like blinding off dead stacks for that reason -- it actually does turn the blinds into a cost, and redistributes the proceeds unevenly (cf: iran-contra). It artificially pumps chips into the pot at specific points in the cycle, benefiting the players seated next to the dead stack, ergo punishing the people on the other side of the table or at another table. BUT, it does seem like a convenient incentive for your specific situation. Totally standard in tournaments, too.
I've never met a player yet who think's it's +EV to miss hands. He's out drinking because he enjoys that more than the early rounds of your tournament. I say let him -- the decreased effective stack when he wanders in is penalty enough. And if he's a hollywooding tightwad, I see no reason to encourage him to play any more than he does, if that.