OK. Let's try to keep this tractable. Let's work out an example where utility is defined a function of consumption rather than wealth.
Let's imagine a 2 period model where at the start of each period the player decides how much to invest and at the end of the period the investment return is realized and he then determines how much to consume. We'll further assume that each investment is a binary outcome event.
So this gives us the following variables:
Let B = Initial bankroll (we can set this to 1 unit without loss of generality)
Let I1 = Investment in period 1
Let Cw = Consumption in period 1 given period 1 investment was win
Let Cl = Consumption in period 1 given period 1 investment was loss
Let Iw2 = Investment in period 2 given period 1 investment was win
Let Il2 = Investment in period 2 given period 1 investment was loss
Note that period 2 consumption isn't a variable insofar as the player will simply consume his entire bankroll. Putting it another way: "You can't take it with you."
For simplicity we'll assume that both investments are identical, paying out at fractional odds f, and winning with probability p. We'll further assume that period 2 consumption is discounted at a rate of k (so 1 unit of utility in period 2 is worth k times as much as 1 unit of utility now -- for most players k < 1 ).
Period 2 starting bankroll given a win would be:
Bw = B + I1 * f - Cw
And given a loss:
Bl = B - I1 - Cl
So period 2 consumption (in other words ending bankroll after the 2nd investment was realized) given a win/win would be:
Cww = Bw + Iw2 * f
Period 2 consumption given a win followed by a loss would be:
Cwl = Bw - Iw2
Period 2 consumption given a loss followed by a win would be:
Clw = Bl + Il2 * f
Period 2 consumption given a loss/loss would be:
Cll = Bl - Il2
So expected utility looks like this:
E(U) = p * ( U(Cw) + k * ( p * U(Cww) + (1-p) * U(Cwl) ) )
+ (1-p) * ( U(Cl) + k * ( p * U(Clw) + (1-p) * U(Cll) ) )
If we assume logarithmic utility then we know that period 2 investment will necessarily be the player's Kelly stake (you can't take it with you, remember?)
Iw2 = Bw/f * (p*f - (1-p))
Il2 = Bl/f * (p*f - (1-p))
So substituting in:
Cww = (B + I1 * f - Cw) * p * (2f - 1)
Cwl = (B + I1 * f - Cw) * (1-p) * (f+1)/f
Clw = (B - I1 - Cl) * p * (2f - 1)
Cll = (B - I1 - Cl) * (1-p) * (f+1)/f
So this gives us the following expected utility as a function of the decision variables Cw, Cl, and I1:
E(U) = p*( log(Cw) + k * ( p * log((1 + I1 * f - Cw) * p * (2f - 1)) + (1-p)*log((1 + I1 * f - Cw) * (1-p) * (f+1)/f) ) )
+ (1-p)*( log(Cl) + k * (p*log((1 - I1 - Cl) * p * (2f - 1)) + (1-p)*log((1 - I1 - Cl) * (1-p) * (f+1)/f) ) )
Differentiating wrt to Cw, Cl, and I1 and setting to zero gives us
0 = p*(k*(-((1 - p)/(1 + f*V - W)) - p/(1 + f*V - W)) + W^(-1))
0 = (1 - p)*(L^(-1) + k*(-((1 - p)/(1 - L - V)) - p/(1 - L - V)))
0 = k*(1 - p)*(-((1 - p)/(1 - L - V)) - p/(1 - L - V)) + k*p*((f*(1 - p))/(1 + f*V - W) + (f*p)/(1 + f*V - W))
Solving then yields:
I1 = ( f*p - (1-p) ) / f
Cw = ( f*I1 + 1 ) / (1+k)
Cl = ( 1 - I1 ) / (1+k)
(I'll leave it as an exercise for the motivated reader to verify that is indeed a global maximum for f*p - (1-p) > 0, in other words for positive edge. I'll also note that this result is contingent on isoelastic utility, so partial Kelly would yield the same results, but another utility function would not.)
Of particular interest is the variable I1 (the amount invested at the start of period 1), which you'll note is simply the Kelly stake based solely on wealth. So in other words targeting consumption in Kelly leaves the solution completely unchanged! The investment amount is even independent of the discount rate. Now of course the more you discount future consumption (i.e., the lower the value of k) the more you'd choose to consume now but the discounting won't effect how much you choose to invest.
Now granted this is a rather simplified general example (although you'd find the same results even if you went out an infinite number of periods for k < 1 -- in other words even without the "You can't take it with you assumption) but the point is clear. Kelly staking of full bankroll is in this model completely consistent with maximizing utility of consumption and inconsistent with partial wealth Kelly maximization.