Docc Hilford demonstrated something like this at a Tabula Mentis. I am not sure if it was a genuine full deck routine, or if it used one of his products (as I recall, at one stage he said it was a regular deck, then at another that it was one of his marketed decks). There were multiple participants, so it was done partially like a tossed-out deck routine, but I didn't feel it came over too strongly. Even a performer of Docc's calibre and charisma can only cover so many misses!
The problem you have is in hiding a miss. Realistically, with a card, any more than a couple of wrong answers and it looks like you are doing exactly what you are doing. This may be why there are no resources on the subject: it's a pipe dream.
There are ways of doing something similar (like the aforementioned K.E.N.T.), but you want to give someone a free choice of card from a full, ungimmicked deck and to be able to whittle the options down without it being apparent. Rather like the old adage about projects, I think you can have any two from three. You can have a free choice from a full, ungimmicked deck, but the process may be obvious. You can have a free choice from a not-so normal deck, and a less obvious process. You can have a guided/restricted choice from a full, ungimmicked deck and again, conceal the process.
Every trick has a compromise. If there is no compromise, you are doing it for real.
Personally, I think it's often more interesting if the spectator can tell the performer what card the latter has chosen.
