I like the idea - it certainly is better than manually retiring.
I think a 95% chance is too high. It may be better to lower the odds to a point where some people might "risk it" for RP purposes even if they don't want to absolutely die. 25% seems a good number (with maybe a 95% chance of wounding). If you absolutely want to kill your character, repeating over two or three days will certainly do the trick.
