This wouldn't really buy you much, because after N branches you'd be pursuing 2^N possible execution paths, each of which requires its own resources throughout the CPU, to fetch, decode, rename, schedule, execute, and retire the instructions. Going any deeper than a few branches would be impractical, and you'd be spending most of your resources on computation that doesn't affect the final result. It also doesn't work for indirect branches, unless your predictor can produce a ranked list of possibilities, and you only execute the top few.
So, if you have low confidence in a short time in too many branches you would lose some performance. But that would happen anyway, you can't optimize low confidence stuff.
The GP's question is still a good one. Is doing both branches in parallel better than going superscalar into the slightly more favored one? Is the low confidence situation common enough that it's worth adding the extra circuitry into the CPU.
