I definately think this line is losing money.
preflop:
-everyone folds. I make 75 cents.
-someone makes a small reraise. Do I call? Now I'm afraid of most flops, and could just be screwed, hands down.
-someone makes a big reraise. I lay this down, right?
-I get called by more than one player. This is probably the best scenario.

I get one caller, and make the continuation bet on this flop.
-If he folds, I've bet a total of $5 to make 2.75, minus rake.
-If he reraises it's an obvious fold
He calls.
-Now what? Checking shows obvious weakness here and he will surely bet.