I like this experiment. If I had to bet, I think you're right that it would reduce revenue.
OTOH, to be fair, try this approach in the old-fashioned model... take the standard (large) transaction up front, offer a lifetime money-back guarantee (a very moral policy, to be sure), and then put a launch dialog in your app with two buttons: "Refund Now" and "Continue Using".
I predict one would also see reduced revenues by taking what could be considered moral high ground in the non-subscription model.