Let us say we have 8 people playing in a tournament at the end of the Tournament, we'll say it was only two games long, At the end you have 2 people undefeated, but the guy in 3rd place through Arch-Enemies has more points. Is the official way to decide who gets the 1st place LE Wins or Points?

When I judge, and everywhere I play usually goes by win/loss record first and then by points.

Really if two people have no losses, it's not fair for the higher point worse record person to get first place.

Well, WizKids suggested format for a tourney is Swiss. With 8 people, and 50 minute rounds - that would take 4 hours. 3 rounds with a finals of the Top Win/Loss facing the second place Win/loss record. With limited time you could run a single elim with 8 people in 3 hours. but again... your semi finals would have the best win/loss record. Points dont matter for anything except the same record of wins and losses.