This is somewhat similar to a promo that was run at Mohe_gan Sun years back, where you could triple down, rather than double down. It was roughly 0.5%-1.0% off the top, if I remember, and this should be even better. Pen shouldn't be that relevant, since counting is very much secondary. WOO did a full analysis back then, with optimal strategy. See if you can find it. I might have it in my archives.
Warning: The increased doubling/tripling significantly increases variance, so be careful.
The big difference is getting that extra card, which changes the strategy quite a bit. But it's worth exploring carefully, it could be a good game.
(How many of you were at that event? It was like an AP convention! I sat there for the full 24 hours, and got to be good pals with the dude sitting next to me all day.)