Another thought that could have defused the situation right out of the gate. The manager could have and should have changed it up two fold:
When the guy refused to show ID and started a tirade,
1) the manger could have kindly asked him to get to the back of the line and have proper ID ready when coming around again.
2) the manager could have asked him to "please leave and come back during normal business hours, with ID, to pick up your game."
Midnight releases are a privilege that stores do for their customers to help more relate to them and get them to shop at that location. They aren't a right, they're outside normal business hours, and it can be refused to release the copy of the game until normal business hours if the customer is being a total asshat.
Also, since I see it popping up time and time again, I must reiterate: THERE WAS NO THREAT OF SHARING PRIVATE INFORMATION. The customer originally tried using a business card (lol), which he left there on the counter after his rant and picking up the game. The manager simply made a jest that his business card, which is public information that he -the customer- left, was there for someone to "thank him for holding up the line". It's not information on their computers, nothing on the pre-order receipt. It's a business card that he, the nitwit, left there after trying to ignorantly use that as ID (which, if that really worked, I could show myself to be a mechanic, lawyer, insurance agent, tax preparer, and hair stylist).
P.S. It seemed that this guy was only there for that one midnight released game and probably wouldn't shop at Gamestop again anyways. However, most of those other customers there seemed jolly and happy with the store, most likely to shop there again. Better for the customer to relate and try to appease to the 9 in line and lose the 1 'customer', instead of losing 9 customer and gaining approval of the 1 guy. That's simplistic business. Can't please all the people, all the time. So just please the largest mount that'll repeat business.