You're absolutely right Silicon Toad, it's really the acceleration that kills you, not the speed, per se, except that wind resistance becomes much higher at faster speeds.
Gautam, wind resistance and friction will not allow you to reap the full benefits of the extra downhill momentum when going up the next one, but your idea is arguably the most efficient way to drive on hilly terrain. Even so, the best efficiency comes at a constant speed on flat ground. Hills will always reduce efficiency because, from a physics point of view, you have to accelerate against the force of gravity, even if your speed is constant, when going up a hill.
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