The main thing you have to watch out for is hitting the limit when you double down, one strategy that your system helped me realize is by placing bets on many numbers you can help minimize the number of times you need to double down.
I coded this while half asleep so if anyone notices an error lemme know..
http://agentcash.com/gfy/scripts/roulette.htm
You'll see you hit max bet frequently when you bet on a few numbers, but bet on 15 or 20 numbers and watch it get interesting.