The visitors led thanks to headers from Ian Evatt and Luke Varney only for Wanderers to rally late on and secure a point through Martin Petrov's volley and Mark Davies, who scored at the end of a stunning passing move in the 89th minute.
"At 2-0 down at home we made substitutions (bringing on Petrov and Rodrigo Moreno) - and I'm not being smart after the event - but I was prepared to lose the game 3-0 or 4-0 to get back into it," said Coyle.
"We effectively ended up with six attacking players on the pitch and the last 25 minutes we have scored two goals and could have scored four or five.
"We could have snatched - and snatched is what it would have been because Blackpool were terrific - the three points.
"We committed many players forward and were prepared to leave ourselves open so it is always nice from a manager's point of view when that goes your way and it works for you.
"The spirit we showed and the quality of the (second) goal in terms of passing was pleasing."
He added: "I think we started well and had a couple of half-chances to get in front but we didn't take them.
"They scored a great goal from a corner and all of a sudden it gave them a lift and we lost our way a bit.
"We had a bit of bad luck for the second goal as Jussi Jaaskelainen and Gary Cahill collided with each other and that allowed the ball to go over the line."
Source: PA
Source: PA