Old question that never gets a good answer. Much as we would love to win it in one great shove-in on the first hand, it won't work that way. Late registration also guarantees that one can get in late, or re-enter for a fixed period of time.
As I gaze thru the late registration games I look for opportunities just like the one you hope you are describing. If I saw a guarantee, with only 1 person sitting there, even if it were the last second, I would enter figuring that I outlasted all those whose busted out before me, and 2nd place money was available. I am sure I am not alone in figuring that out, and there are many late registration junkies who look for that same situation.
So while the notion is intriguing, the reality is that at best, if you win that shove fest first hand and have to sit there with that big stack, you will have to sit there with that big stack till late registration is over.