Sounds legit to me. There would be advantages to this over just a single sig. Even if the one set of words wasn’t as secure,like you mentioned, distributed among multiple places(easy to access and not lose) the other key could be secured as one would do as a typical single sig. This setup could have advantages over a single sig setup but not as robust as a 2 of 3. Food for thought anyways, brain food.

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It also occurred to me that you could easily have many 2-of-2 wallets - all with same same secure seed combined with a different 'insecure' seed.

Though, I believe this would allow for block analysis that could link outputs to addresses of different 2-of-2 wallets that were reusing the same signing address from the the secure seed - but, I'm really starting to getting beyond my knowledge here.