I tried some cheap hosting rates for marketing in the past.
I did get some signups from it. But very few stayed. There was no complaints, but they knew the time was up and they would have to pay the regular rates.
They usually only stay until the regular rates kick back in.
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I feel as if this would attract a whole lot of "noobs" that think they are getting a great deal paying 1 penny for a month and then not being able to afford the pay after the first month. You would lose a whole lot of money that way too. A discount isn't a bad idea, but a 99% discount is a bad idea.