My limit play is basically exclusive to 5 or 6-handed, so a lot of my play is heads up. I used to use your play a lot (the second one seems more standard to me with all those outs). I liked to use it as a chance to win an extra bet when I was planning on just calling down anyways (which often happens with seond pair GK in a low handed game) - against some tight players you will often get a fold on the turn. If the river hits and he called, more often than not I pick up another bet.

But I have stopped using it as much lately because I think Phyl is right - guys who are open-limping so much are also the guys who aren't going to let go of their TPWK. So in the end the only real benefit of the play is catching one of your 5 outs and getting another bet that way. But if that's your goal against this type of player you might as well just call the turn and fold a river miss and raise a river hit.