If you never punt, I can't imagine a fake punt working too well.

I understand the philosophy, and have seen the numbers...but still think a more moderate approach to the never-punt plan is a better way to go.
Because of the possibility of 4th-and-32 from your 1?
There are obviously situations where punting would probably be the best option, and it's not particularly difficult to invent one off of the top of your head. But right now (even under the conventionally accepted wisdom of kick-it-away-on-4th) I would be willing to bet that this season, there have been a great many more instances of a team going for it on 4th down than there have been of a team facing 4th-and-30+ from inside their own 5.
Furthermore, I don't think your hypothetical situation is really a fair evaluation of the strategy. This would be like evaluating the Wildcat by saying "well what if you're on the opponent's 5-yard-line and your RB throws an interception that's returned 98 yards for a touchdown? Best to play it safe and not use the Wildcat at all."
Is it a long shot to go for it on 4th and 32? Sure. But the flip side is, if you never punt, you will allow exactly zero punt returns for touchdowns. Even if you went hardcore never-punt-no-matter-what, I think the number of big punt returns that you necessarily prevent would outweigh these crazy 4th-and-40 scenarios.