This effectively makes it where you can have different character combinations in the hundreds of thousands if not millions.
Actually, in terms of pure choice, we have...
280 choose 50 = ( 280! / ( 50! * ( 280 - 50)! ) ) =...
71,077,889,363,964,271,283,684,343,950,838,998,128,149,871,121,723,976,480 different possible maximum perk configurations.
:P
EDIT:
And to project the combo # for the alternate interpretation, assuming a raw level cap of say 80,
280 choose 80 = ( 280! / ( 80! * ( 280 - 80)! ) ) =
297,149,965,708,674,792,509,136,871,675,892,284,059,750,252,596,044,007,787,603,699,214,237,140 different possible maximum perk configurations.