I remember this diet in high school. It worked well and as you said, the trick is to be careful on your days off, as you mentioned.
The thing that I had the hardest time with was the portion sizes. This is the only time it really helped to read the labels to know what was a real serving size and not overeat quantity-wise. The results go further too with some exercise to stay healthy.
I may join you in this but either way......Good luck with your plan! Will be sending good wishes your way.