I thought that betting 'Kelly' was betting that proportion of your bankroll that corresponds w/ your advantage over the house as indicated by the true count (roughly speaking). I do this, but limit my max bet to about 2% of my bankroll regardless of the TC.
However ... I read something a while back (BJMath, article by MathProf circa 1997 titled 'When and Why Kelly "Breaks Down"' that indicates that Kelly breaks down when the advantage gets 'large' (whatever large is).
Normally it would seem a moot point to me because of my 2% rule, but I was in a situation where I had to split 3's (4 times, and two of them were double down situations.) The TC was very high at the time (+6 in a 6-deck game), so I had my max bet out. But because of the splits and double downs I had 6 times my max bet out. (Oh, and I learned the hard way what size wager I'm able to emotionally tolerate ......). The dealer busted but I about crapped my pants that hand.
My question is what to do in a situation like this (excluding the emotional tolerance thing)? Should I continue to split and double down?