The people who are really good at acting formidable often solve this problem by giving investors the impression that while no investors have committed yet, several are about to. This is arguably a permissible tactic.
By engaging in this tactic, you are working to make foolish behavior on the part of the investor successful, which then leads to the very climate that makes the dishonesty so tempting in the first place. It's a vicious cycle.
Why not stick to the "always be 100% honest" approach? This will reform the investor climate over the long-term if the best startups consistently use it, and after all, these best startups are the target of your essay.
I recognize you didn't recommend this approach. But I think you should go one step further and not claim it is arguably acceptable.