I did. It was fast (I timed myself doing it in 3 seconds). My crew had to pull really hard to get enough luff tension. The other problem is that there is a lot of extra halyard sitting around when the spinnaker is down because the retrieval line goes out more than the halyard goes in.

As a big strong dude in his 20's that like to fiddle with stuff, I would setup something like this if I was crew and make the retrieval end 1:2 as well.

If your crew is not huge, they will spend so time trying to pull the last little bit to get enough luff tension that it is slower than 1:1. Also, note that the cleat will have to take twice as much force.