Is this just a shootout?

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A friend of mine has started holding $10 buy-in home tourneys with some of the regular players from our small stakes NL game. None of these players are at all tough, so I was happy to play the tourney. However, after playing a few I have noticed that one player (usually a bit of a LAG, but definitely a loose player) will catch three or four hands and be off to the races. Last night I isolated the only LAG player in the game, got him all in when I had TPTK and he had a gutshot on the flop. Naturally he hit it and went on to win the tourney. I'm wondering if this structure (size of blinds vs. size of stacks) is going to make this tourney play more or less the same way every time:

Stack: 50 chips (the guy doesn't own a proper set)
Blinds: 1-2 to start, go up every two rounds. (1-2, 2-4, 3-6, etc etc).

If I was hosting obviously I wouldn't do it this way, but my question is, does this make this a total crapshoot? It sure seems that way. Blinds tend to go up quickly and whoever has a big lead just lets other players get blinded half to death.