Ian, in my view that's a great idea and it's likely that the numbers can be made to work. Grover(aka Ken)may be a bit too pessimistic in his economic analysis. For example, Accessories4less has been very successful in offering factory refurbished receivers at substantial discounts, varying primarily with the age of the item. Speaker buyers should have similar confidence in retested/refurbed Axioms.

The numbers might need some adjustment after experiencing the program in operation, but I'd think that a refurb discount averaging about 30% with an allowance to the owner doing the trade-up averaging about 50% should work well and make a complete program when added to the 10% Factory Outlet and 5% five item allowances.
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Enjoy the music, not the equipment.