Consider an embedded surface in $\mathbb R^3$ homeomorphic to a disk. If we wanted to find a similar surface that is minimal, i.e. has mean curvature $H=0$ everywhere, we could hold the boundary fixed and perform gradient flow under the obvious energy function $E_H = \frac12\int H^2\,\mathrm dA$. This is known as Willmore flow, and its evolution equation is $$\dot{\mathbf x} = (\Delta H + 2H(H^2-K))\mathbf n,$$ where $K$ is the Gaussian curvature. A minimal surface is clearly a global minimum of $E_H$ (though I don't know if there are any other local minima for a disk topology with fixed boundary).
Suppose we want a developable surface instead, i.e. $K=0$ everywhere. Will the gradient flow of $E_K = \frac12\int K^2\,\mathrm dA$ do the job? Has this kind of surface flow been studied before, and what is its evolution equation?