Wasnt too sure what exactly you were referring to.
Well this could make them useless or strategic depending on the delay. I like it, but the timer shouldnt be too long, say 30 secs. This can be a long time midbattle, and is more akin to the series.
In terms of the 5 death system though, i dont think this would be much use. The player who is struggling will most likely be fragged before the effect kicks in, and the good player exploiting the system to pick up his sensu most likely wouldnt have any threat to his HP in the time it takes for the sensu to kick in. Just another kick in the gut for the 5kill system.