Welcome Proffanno,
I like the idea of the TD punching the drunk in the face! However, this would be totally unacceptable.

The ideal fix would be to recognize that the player has consumed too much alcohol, and deal around him. It's unfortunate whenever a player becomes inebriated and attempts to participate in any poker tournament. They generally become loud, obnoxious, and almost always slow down the action. So, I believe that the dealers, floor and other players must speak up before any situation gets out of control. Stop dealing and resolve any issue that contributes to arguments.
We always welcome as many players as possible to participate in our tournaments. We must also let them know that their participation is a privilege that can be taken away if they fail to abide by our rules. If your house rules do not cover intoxication, I suggest you add a rule that does. Remember, your casino could be liable if one of your patrons suffers an injury.
As far as the game is concerned, I think that the remaining players would find a way to continue playing. Most players are pretty honorable when it comes to "how many chips they had" before the table collapsed.
I hope this is the first of many posts for you, Proffanno, and I hope your issues will be more game related.

Thanks for the unique question.