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Work around for "Buy 2, Get 1 Free"

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I'm trying to figure out a work-around for not being able to offer a premium (free gift) with purchase -- specifically, buy 2 and get one free. I'm thinking of creating a product that is a grouping of three products, setting the price at 3X the individual product price and then using a flat $ discount (with use of a discount code) for the price of one product. The only issue I can see arising from this is a discrepancy with my inventory tracking.

Has anyone tried this? Am I missing any other negative consequences? Or do you have any other suggested work-arounds? 

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