Pretty much my thoughts. The punch on the nose could of course develop into something more depending on weight and size of the occupants.
I think the whole idea is bad, relies on personalities, could lead to an assumption of "I am qualified, due to currency, you are not!".
If a pilot is out of currency to the point of wanting someone to sit RH for three circuits, then do it with someone who could actually be of use, or bite the bullet and get on with it.