So you're talking a Palladium-style hit point/SDC distinction? (I actually prefer that kind of terminology over "Wound Points" if the "Wound" isn't going to actually be a wound and is just special hit points, but YMMV).Correct, and while a W/VP system can include a death spiral (once you take damage from your wound pool you suffer a -2 to your AC as one example), it certainly doesn't have to. The only penalty to taking wound damage could simply be the difficulty in healing it back, which is not a death spiral.
I mean, I guess - I'd still like to see it as an optional system because it adds what I'd consider to be an unnecessary layer of complexity to a system that doesn't need it.