A similar (but more useful) position sizing strategy is the Optimal F formula, described by Ralph Vince in his book Portfolio Management Formulas. But its real value is in showing you your 'cliff of death' curve: how close you can get to bankruptcy given your position sizing.
In my opinion, position sizing is more way more important (and less understood) than market timing.
In my opinion, position sizing is more way more important (and less understood) than market timing.