I run a RED Epic stripped down with a lcd and 16-35mm on a Steadicam 4000 without a support arm on the regular. I added sand pouches on top of the weights to match the weight of the RED (about 30-40lbs) and I found this little guy online (http://www.erozsteady.com) which allows me to distribute the weight of the rig to both arms rather then just one. It's super quick and easy to setup and boosts your endurance and max weight limit significantly. Using the handle in order to increase the rig weight limit is not the intended purpose of the product but I use it in this way quite frequently. Granted you will still need a support arm when building out a heavier rig but this is a cheap and easy way to get a little bit more out of your Steadicam. I like using this setup over a support arm for many run and gun situations.
I'm all for it. It wouldn't replace the theatre experience, but have a few people over, split the cost and your paying less then you would at the theatre anyhow.