Push 22 is a HUGE EV killer. The table below shows what you will lose in EV for your non-bust hands.
You do get back about 2.3% with the 2:1 BJ rule. If you end up busting 20% of the time, you will need to recoup about 3.5% in house edge with your non-bust hands.
The main playing strategy adjustments will be to avoid the splits/double downs which normally get you in the range of the lost equity, as those hands will become -EV.
The bust side bet is a loser. You will most likely get stiff hands if you play it, which is almost always -EV. You might be able to develop a side count for it, but I suspect it would almost never be a +EV play.
Without putting any analysis into it, a good counting system should overweight 2s, as its EOR goes way up due to the push 22 rule. Also, with the 2:1 BJ rule, aces and 10s become much more valuable.
The game may be beatable with the good penetration you noted, but only with a sizeable spread, which you apparently can't get with the low house max bet.
Code:
Dealer Lost Equity
Up Card Non-bust Hands
------- --------------
1 3.2%
2 14.9%
3 9.8%
4 9.5%
5 9.4%
6 8.7%
7 6.6%
8 6.0%
9 5.7%
10 5.2%
Weighted Avg: 7.3%
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