I think it's an interesting way of evening things out, but getting the right odds would be tricky. Aside from the obvious problem of possibly giving too great or little advantage through the pieces not used, there is also the fact that at lower levels a single piece makes almost no difference due to the instance of blunders, and at the higher levels even a single pawn could prove decisive, even when there is a large discrepancy in ratings.
I have considered playing odds games at my club simply to learn about situations where I'm down in material, but I'm already the smallest fish in that pond so it would just be making my position even more hopeless.
A hint of a discussion scented the atmosphere of this blog. I felt that such a discussion might be better served in an open forum where the infusion of ideas are a bit more aromatic. The talk focused on odds in chess how much, if any, odds a strong master could offer a weaker player in serious play.
Back in April 2001, Kasparov played Terry Chapman, who had been the under-14 British champion nd was rated in the lower 2000s, a 4-game match at odds of 2 pawns and a time odds of 60 mins for Karparov vs 90 mins for Chapman. The pawn removed varied in each game. Karparov, arguably the greatest chess player of all time, won the match with the unimpressive score of 2½ - 1½. Maybe modern chess is too scientific for a great master to offer odds to a much weaker master.
It wasn't always so. Morphy won a match against James Thompson, who regarded himself Morphy's equal, giving Knight odds. Lowenthal called this "the most surprising of all the achievements of the American master and undoubtedly one of the greatest feats of chess skill ever performed." But odds were not only given regularly in the 19th century, it was the accepted measure of relative skill. Players were deems Rook-players or Knight-players, based on their skill level. Books were written on different types of odds-giving and some players, Paulsen among them, wondered seriously whether certain odds might even be advantageous to the odds-giver.
Member Greenlaser has assured me that coffee-style odds-giving isn't dead in certain venues, and offered some very interesting examples, but in serious play, it seems that odds-giving isn't very effective. So the question remains whether this is because odds-giving isn't effective anymore, or for some other reason.
I'd love to hear everyone's ideas.