Yeah that sounds about right. I guess they did it to stop people farming the event.
What would have been better though, would have been if they stopped people who created characters after the event went live from taking part in the event. My Ferengi dude is only Lt.2, but I've had him for months, so it's not like I created him for the sole purpose of farming the event.
The event is nice!
That said there are things that could be improved:
I'm a Vetaran SWG Player and they had an event quite similar to this one every year but there was far more to do!
They had rewards and Titles for playing the event too but all these rewards were some "nice to have" gifts you were able to earn almost without effort. Things you could keep in your housing like Christmastrees or snowmachines, stuff like that.
They had no C Store so it was only possible to get those rewards by participating in the event but there was no "chance" to get a reward.
It all comes down to your luck...or if you are willing to pay enough to help your luck.
Yes I will continue to play the race but I don't think I'll ever see a Photonic Officer or the Ship. So be it! But I can understand all here that complain about spending tremendous amounts of money (to me CPoints are money because most of the players who really WANT the ship will pay for the points they spend) and ended up having a lot of candles and other really useless stuff.
I would be fine without such greate rewards like the Ship or some of the other stuff if I had more things to do than only a short race you can only play once per day. The Snowmen and the rest of the map are nice but I only took a tour of the map one time and interacted with the snowmen to get the title. Now I only log in, take the race, collect the reward and log off again. Sad but if that is all to do on the map and only have a tiny chance to get the cool stuff or spend a lot of currency on it, then it is not worth the time to play it.