Hi Ashley!
Thanks for getting in touch with us! I’d be happy to assist with this topic.
As you say, there is no built-in functionality to have a wait list when tickets are out of stock for an event.
Creating a second ticket type for that purpose sounds like a possible workaround. However, you should bear in mind that those tickets will also be considered valid tickets, so the ticket emails will also be generated for them and it could be a cause of confusion at the time of checking-in your attendees at the event.
If you consider to try that out, I’d suggest you perform some tests and see if it would apply for your specific real life scenario.
I hope that helps. Let me know if any follow up questions.
Best,
Victor