I thought it was only a 50% dying rate and did not realize that the 50% death rate was used for every stage. Perhaps something similar to a 5% death rate for each stage. Just something to make it more profitable than mining >.<
I think that in total it should have a 35% chance of it dying, although it would s*ck if you wasted one mil and it died 4x in a row. I would have it so you can feed it Enchanted Golden Apples (322:1) and it would grow to full size without any chance of it dying, therefore you are not profiting of of your first piece but you can at least have your farm grow. I would have you "feed" it 4 Gapples to make it grow to full size, you would still lose money, but at least you wouldn't lose 1 mil.
Somewhere between a 10.2% and 10.3% will give it an overall chance of 35% over the four stages (Collin originally intended wart to have a 35% chance of dying). So, last I heard, Collin is setting the percentage to 10% at each stage and seeing where it goes from there. (I'm not sure if he did that yet or not)
We are actively working on trying to get this plugin to function as intended, it should be done either tonight or tomorrow if progress continues.