When full-back Luis Castro Sito was dismissed for a two-footed challenge on winger Wes Hoolahan with the home side already a goal ahead, it looked as though Ipswich would be heading away from their first league trip to Blackpool in 37 years with another away defeat.
In fact Town could have been two down within a minute of the dismissal, but home debutant Stephen McPhee contrived to miss a glaring headed chance from just six yards which would have capped an impressive game.
The Seasiders had taken a 39th minute lead through Claus Jorgensen who was given a simple tap-in by McPhee who had burst through to beat the offside trap.
The home side had most of the chances in an open game with Ben Burgess and Ian Evatt missing good headed chances in the first half and Latvia International Kaspars Gorkss seeing his second-half header brilliantly saved by Neil Alexander.
"It's a great confidence booster," admitted Town boss Magilton afterwards. "We fought back really well and, while we haven't won, we haven't lost which is very important".
Seasiders boss Simon Grayson added: "I thought we dominated the first half and should have gone on to close the game out, but there is a fine line between winning and losing."