Hosting my first Giveaway. I need advice.

Here's my plan so far. Right now I have 41 items in my Etsy Shop listed at $69.00. I want to offer one of them as a giveaway. I plan to create a photo album on my Facebook Fan Page so viewers can easily review which or my items sell for that price. Participants will choose an item, then contact me with their choice. They can have a second choice, or have two chances at the same item by referring a friend, as long as that friend participates as well. I will use a random generator to select from the chosen items, so there will be a winner for certain. If the winning item has been chosen by more than one entrant, I'll use another random generator to select the ultimate winner.

I will also offer to let non winners buy the piece of their choice at a 20% discount at the close of the contest. This would have to be on a first come first served basis.

So here are my questions:
1. Should I suspend the sale of my $69.00 items until the end of the Giveaway? (I'd hate to loose a sale by doing this, but I have to be sure the giveaway winner gets the piece they've selected).

2. How long should the giveaway run?

3. What are the most effective ways to let people know about the giveaway.

4. Are there some obvious flaws in my plan.

Any suggestions are welcome.

You can visit my easy store at:
http://www.etsy.com/shop/LunarSkiesJewelry

My ArtFire Store: http://www.artfire.com/users/lunarskies

My Etsy Store: http://www.etsy.com/shop/LunarSkiesJewelry?ref=pr_shop
My Jewelry: http://www.lunarskies.com
My Sculpture: http://www.lunarskies.com/pages1/fineart.html
My Cabochons: http://www.gemalchemy.com
Creating The Hive Artisans Group: http://www.creatingthehive.com
Facebook Fan Page:  http://www.facebook.com/Lunarskiesjewelry.quentin.eckman?sk=app_106171216118819

http://www.facebook.com/Lunarskiesjewelry.quentin.eckman?sk=app_106171216118819