However on the down side, Google considers anything over one hypen as spam
I have numerous 3 word domains separated by hyphens. In fact it's my preferred choice of registration even when the non-hyphenated name is available. None of them have trouble at all ranking on page #1 for their terms (local search). One of them suffered a -10 a few months back when there was an Exact Match Domain (EMD) update but I have since managed to recover it back to page #1 with some minor tweaks.
And even still, I've registered 2 more 3 word hyphenated domains since that time. I have no apprehension whatsoever of developing them. They are not considered as spam if properly developed.
However, the specific case you are asking about, IMHO, I would say is totally unnatural and I wouldn't recommend it. That's the key -- whether it's natural hyphenation or unnatural. I prefer the hyphenated versions because it's a better user experience to recognize the words more quickly.
Isn't that the punch line of a joke? Or eight different jokes? Site for people who have lost weight and want to keep it off, obviously. No relation to exam-ple.com which deals in test-preparation material, or ex-amp-le.com which has something to do with electricity.
Seriously: Get lots of different people (in real life, not here) to look at your proposed site names with the hyphens in different places. Make sure it can't be reanalyzed in any unintended way.