If that were the case, then it's better to use a thermal storage to electricity scheme. Store subcritical hot water and run it through a saturated steam cycle to release it. MUCH cheaper and simpler than a hydrogen storage scheme, and about the same efficiency.

But that efficiency is still crap, a much better way would be to try to sell the energy produced in the grid at lower sales price. At half the wholesale price, odds are you'd be able to find a buyer, especially in a smart grid which we need to build anyways. One example that comes to mind are plugin hybrids and electric vehicles, these are schedulable demands, plugged in most of the day and only driving a few hours and most can be charged in 1-6 hours depending on grid limitations and battery technology. A lot of offpeak wind production that would otherwise strand can find it's use here.