Suggestion for Devices: Satchel Charge
Technically yes, but I still wouldn't want to hold onto a grenade with the pin out in case I accidentally dropped it. Remember, once the pin is out mister grenade is not your friend.
Sounds like an improvement over the Time Bomb, but let's be honest here, "Leave Burning C*** On Porch" would be an improvement over Time Bomb.

However, as long as you're holding down the spoon, it doesn't matter. Heck, you could even put the pin back in with no repercussions 

8 seconds.
Now, I've never been in the military (unless you count JROTC), and I've never used a grenade, but I sure as hell don't think I'd want to hold on to the thing for 8seconds.