Given that 99% of the people I could see on Twitter were not able to get through to the checkout, 49 minutes feels like a relatively meaningless number. I suspect that if the system actually worked properly it would have sold out in 30 seconds.
Why not have a 24-hour period for people to register for a lottery, then randomly assign tickets? Tickets that aren't claimed (and paid for) in a certain amount of time go back in the pool.
The advantage would seem that the attendees aren't just those who were best able to buy the tickets and thus more representative.