Even if this helped us get more sacks, a nickel base would inevitably hurt us against the run. Though when Jenkins is in there it's practically like we have 4 down line-men anyway.
As has already been said we ran a 3-3-5 as a situational defense on many occasions last year with Eric Smith fitting in what I referred to as a hybrid safety/linebacker role. I don't se this as a base defense at all but it would be fun to see Smith knock the snot out of a TE or a slot receiver