Maybe that dead mass is worth it.
Also, I am not sure what amount of propellant would be required (my gut feeling is that it'd be a scary, penalty-inducing amount), but the whole fly-back-and-land-vertically thing might well be better than dumping your stages in the ocean from a reusability perspective.
I don't understand why everyone's so wrapped around the axle about fly back capability. I thought the whole point of launching from Texas was so that the first stage could be recovered at KSC (the second of course would do a once-around).
You don't need enough proppelant to fly back, only enough to make a soft landing, and maybe a plane-change.