fenwaysouth,
Probably only in that situation, but some might think there are other situations. Some might say most every situation.
How about bases loaded, winning run on 3B, full count? Remember we are talking about something that is 50-50. Truth is, that really doesn't exist because pitches end up being called 100% strikes or 100% balls. Even I would have a hard time telling a hitter to take strike three with the bases loaded. However in theory, by percentage, it might be the right thing to do. A success rate of .500 in that situation is good. Much better than the success rate of swinging at something outside the strike zone.
We actually see this exact thing (take border line strike 3) happen a lot. In fact, it happened a lot in the recent World Series. I too am impressed when a hitter fouls off several pitches with two strikes. Usually, not always, they are fouling off strikes or have less than a full count. It is only the full count that gives you .500 OBP.
It is fun to discuss this stuff. There is no I am right and everyone else is wrong about it. It's all about thinking, and that is a good thing IMO. Contrary to what some might think, I believe this is an aggressive way to play.