This (in both the first and second form) is a shortened way of saying "If you don't recognize [something] you will not be able to identify it." If you saw a chicken, but had never heard of or seen a chicken before, you would not be able to identify it as a chicken. In so far as the construction is concerned it may sound a bit odd, but formulaically, in the the example you gave, it actually would work. The example was "You wouldn't eat it to taste it." An example of this working is the following conversation:
"The thought of eating Seafood, of any sort, has always made me want to vomit. Disgusting!" Amelia said.
"You wouldn't eat it to taste it. I think it's delicious." Joe said.
I believe that both of the examples given in your question are technically correct. I would, personally, chose the word "know" if I were talking about something more abstract like a "good idea", but I would use the word recognize if I were referring to something more concrete like a specific type of car.