I can't help you quantify the wear concerns, suffice it to say some have P&Gd for hundreds of thousands of miles, and even in diesels.
Is there a point? Yes, it does help, people have demonstrated its advantages in diesels. It does not as much as it helps with a gasser, but rotating the engine and accessories 2/3 less helps in efficiency and perhaps in longevity.
There IS a significant "penalty" to steady state driving. keeping the pistons and valves and alternator and accessories and bits of the transmission all moving takes a significant amout of energy.
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WINDMILLS DO NOT WORK THAT WAY!!!
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