It's possible to buy a ticket that runs for several years. You probably wouldn't want to wait for the end for it to pay out. A compromise like paying out every 100 draws would seem reasonable though. That would mean payouts every 16.7 hours on average. And if they always paid out on draws ending with 00 then players could easily know how many more draws until their next payout.
Good point, I hadn't thought of the idea of buying a single ticket that lasted for a significant time. An every-100 blocks payout ticket would definitely be a good compromise there. I just hate seeing the blockchain bloat and difficult to spend outputs filling a wallet [glares at SatoshiDice].