Pretty sure this was disproved. Losing CT and phleb briefly is a big hit to dps. Just based on some simple math I did it's about 235 less potency overall, unless there is a different rotation you're talking about. I compared:
HT-IDC4-P-TTT4 (x2)
to
HT-IDC4-P-TTT4-HT-TTT4-P-IDC4
Not counting all the buffs and such just raw potency of the attacks & dots.
