Rounder, first of all, if you have a limited bankroll, then wonging is an excellent way to stretch it. And it's fairly necessary, if your bankroll requires a $10 max bet, then you can't really waste your time with the table minimum.
It's when you start varying your bets that you're generating the skepticism here, I think. And the main reason is that if you fee like varying your bets, you've already got a really great way to do it: Do it proportionately to the count.
A martingale when you have a favorable count is just as dangerous as a martingale in an unfavorable count.
Now, as for the idea of increasing the bet until the count drops... well, that's similar to betting according to the account, but not as good:
1) If the TC keeps increasing, then increasing your bets according to your scheme is the same as increasing with a better count. No beefs here.
2) Now, let's say the TC gets to +2 and just stays there (equal number of high and low cards get drawn). Well, if you're increasing your bet each handle, it could get really scary and martingale-esque. Betting according to the TC would have you playing an elevated, but non-changing bet.
3) Finally, let's say the TC is +5, and it drops to +2 in one hand. (You've just reaped the count by getting a crapload of high cards, congratulations. So, your system would have you drop down to a min bet. But you still have some advantage left, and you're just leaving money on the table. So reduce the bit, but still leave it bigger than your min.
And if you're just looking for something to mix it up and keep it interesting, then, I would also recommend proportional betting. It's just as interesting as anything else!