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My question is this - we will have the same URL showing 2 different pages of content over the 2 week testing phase. Will this have any negative affects on our rankings? Could Google perhaps flag us for content that changes too often or anything along those lines?
If you're split testing without restricting the variables (e.g. by testing with all your site's traffic) then potentially your test won't give statistically reliable results anyway.
I must say, that is quite a cunning method of testing the pages. The only issue would be having to set up so many paid ads to get enough data for the sample set, could be time consuming.
I have just been reading up more on Google's website optimiser and see that it offers both A/B and multivariate testing. I think this will be ideal for what we need unless I'm missing something? I'm guessing it may well provide more data than just conversion tracking and we would not have to worry about SEO implications as consistent data would be served to search engines.