As to the advantage aspect - what you have to start considering in excess cards. Your 1/4 deck contains 9 extra high cards. There are another 23 1/4 deck packets (assuming a 6D shoe) so each of those packets will contain on average 0.4 extra low cards (9/24).
Now in the best situation where the dealer only riffles each grab once your packet is going to be mixed with 3 other 1/4 deck packets (to make the eventual 1 deck i mentioned in the previous post) each containing 0.4 extra low cards, so a total of 1.2 extra low cards. Just to be safe, i'm going to round up to 2 extra low cards here. So over all your new one deck packet is going to contain 7 extra high cards. Now using the Hi/Lo it's easy enough to do the calculations - You have a TC=7 then subtract 1 (assuming a TC-1 game) for the house advantage and place the bet you'd usually place at this count.
If the dealer was to riffle each grab twice things get a lot poorer than this, especially if your grab was taken as the second last grab, but this is something that you have to investigate for yourself.
Also be aware that this is a dramatic over simplification of the matter. It assumes perfect grabs (i.e. not splitting your packet) on the second pass and truthfully you shouldn't be betting the way i describe. You will have the advantage betting in that manner, but there's more advantage to take using other methods.
RJT.