Lagrangian:
$$L~=~\frac{1}{3}T^2+2TV-V^2, \qquad T~:=~\frac{m}{2}\dot{x}^2. $$
Lagrange equation:
$$2(T-V)V^{\prime}~=~\frac{\partial L}{\partial x}
~=~ \frac{\mathrm{d}}{\mathrm{d}t} \left(\frac{\partial L}{\partial \dot{x}}\right)
~=~ \frac{\mathrm{d}}{\mathrm{d}t} \left[\left(\frac{2}{3}T +2V\right)m\dot{x}\right] $$
$$~=~ \left(\frac{2}{3}T +2V\right)m\ddot{x}
+ \left(\frac{2}{3}m\dot{x}\ddot{x} +2V^{\prime}\dot{x}\right)m\dot{x}
~=~ 2(T+V)m\ddot{x} +4TV^{\prime}, $$
or,
$$- 2(T+V)V^{\prime}~=~ 2(T+V)m\ddot{x}. $$
In other words, one gets Newton's second law$^1$
$$ m\ddot{x}~=~-V^{\prime}. \tag{N2}\label{eq:N2}$$
So the Lagrangian $L$ is equivalent to the usual $T-V$ at the classical level.
--
$^1$ One may wonder about the second branch $T+V=0$, but since $T+V={\rm const}$ is a first integral to $\eqref{eq:N2}$, the second branch is already included in the first branch $\eqref{eq:N2}$.