I've not tried this in play, but I think it should work... rather than using cards, I was contemplating using dominoes for initiative. The idea is that everyone gets a "free" Level Headed Edge, someone who has that edge gets an extra bone, and the wild card edges are rather more attractive, because they can be used on having two blanks. This means anyone can use them on drawing the double-blank, while someone with level-headed can use them if both their dominoes have a blank. Blanks would be semi-wild - they would allow the player to pick their time in the round, if invoked, but wouldn't automatically trigger wild card edges. Each player would have to choose between their spots at the start of the round.

So, to summarise, initiative and combat would go:
1) Everyone draws a domino (or two if they have Level Headed), face down
2) Whoever has the highest total showing picks which spot they'll use (ties resolved by highest single end, so 6-4 beats double 5), and the choices continue around counting down. Blanks are called at this time. Anyone using two blanks to call wild-card Edges must call blank; if they have non-blanks showing, they can call these, but have to give up their wild-card Edges.
3) COMBAT! Usual rules; anyone with a blank acts as though they drew a joker, while ties are resolved by opposed Agility rolls.
4) Dominoes are returned to the pile and shuffled.

It would slow things slightly, but adds a bit of judgement to the process. Thoughts? Comments?

While that seems like a cool idea, and I do like it, it just doesn't fit with Savage Worlds. That slows down combat way too much, probably.

Try it, though, and let us know how it works out.

As soon as I have a group, I will.