I would agree that 50' of tubing is overkill. You could be quite cheap about the connectors and make a system that works.
My chiller is 50', and it cools a boiling 5 gallons of wort to about 80 F in about 15 minutes. It is effective enough that the thick base of the pot is significantly hotter than the wort. I bought 50' of 3/8" O.D. copper tubing, some hose clamps and vinyl tubing. I coiled the tubing by hand in such a way that it would fit in the two boil pots I have (2.5 gal and 5.5 gal, Tramontina brand). My coil is 'springy' for better or worse. The in and out ports of the tubing gently bend over the side to avoid condensation, etc contaminating the sanitary wort. I use the hose clamps to attach the vinyl tubing to the ends of the copper coil. I used several short lengths of vinyl tubing jammed into each other and clamped onto my kitchen sink to neck down water into the coil. This system works OK, but I don't really recommend it unless the goal is to make a seriously minimalist and cheap setup.
It's "in action" in this shot, and you can see that the 50'completely fits in the kettle :
http://www.facebook.com/photo.php?pid=34736072&l=a8665&id=1518533I think one thing to consider with immersion chillers is convection. The orientation of the cold water in and hot water out may help create convection and aid in cooling the wort faster. I ensure that the coils at the top of my pot receive the coldest water by orienting my input and output ports. The premise is that hot wort rises, while cooler wort falls, so theoretically the hottest wort should always be in contact the coldest water because of convection. I don't know if the differential is significant enough to actually create convection.