Players are not stupid, they will see through this. There are more than 600000 games on itch.io and nearly all are free; meaning you need them, they don't need you. Try to build a good relationship with your customers in place of trying to think up a method to scam them. It will pay off in the long term.
Just to clear up any confusion: I am NOT considering this method for our own games. Most of me and my associate's game revenue comes from Steam from full game releases anyway. I am asking because that "update = new game" thing is a practice that's common enough to be a running question among the gamedev community I regularly post in.
And if it's common enough for some devs to try pulling it off, then it means it's working to some degree for some of them.