Too generous. "F." That would then be a tool used by other students to delay doing the REAL essay. If the prof says, "No," then other kids will say, "But you let Alexis do it!" That's not fair!"
In almost 25 years of teaching, I gave a NG 4 times. Believe me, no one ever said “you let —— do it,” as the second essay typically wasn’t a passing grade either. But sure, if a kid wants to do a re-write of an essay with a one grade penalty? Have at it.