Is it gaming the system to intentionally hand something in late because you think you'll gain more than the five marks you'll lose for handing it in a day late if you have the extra time that handing it in late will provide? Yes, I wouldn't have to think about this if I'd not assumed that the deadline was next Thursday as opposed to 4pm today, but still.
There was an interesting section of this years Royal Institution Christmas lectures that suggested that successful job applicants are either interviewed amongst the first group, the last group or if they were particularly memorable and stood out.
This phenomena is attributed to the way human memory works.
I think you may benefit if the lecturer reads your work last, but would it be a big enough increase to withstand the deduction? I don't know.
It's a step up, but you shouldn't be worried. Aside from one or two modules (of which I have 12 this year), it's mostly just an increase in volume as opposed to complexity. Put the time in and you'll be fine. I didn't put the time in and averaged around 55 last semester. I've put the time in so far this semester and my midterm assessments have been marked at 90 and 87, so it's pretty straightforward.
Nice marks on your midterms!
Thanks for your advice and taking the time to reply. That definitely puts my mind at ease.