Martin gale will work on small ammounts on a big balance. Just quit whilst you're ahead and don't get greedy.
Not really, you can also bust on the first few rounds, even if you have a big balance, the risk is actually higher here.
This gambling system works so that you must take ever escalating risks to potentially receive a small reward that does not increase with your increased risk.
It isn't worth is to use 1BTC to get 1 satoshi. If you actually want to use it to make a decent profit, example, 0.01, you can bust within the first few rounds, variance occurs so you might get a very bad streak immediately.
Depending on where you start with your betting then you could very well do essentially this. Your maximum reward will be the amount of your original bet, however you need to double your bet every time time you lose your bet.