Gybing centerboard rely on the boat to change its apparent angle to the wind somewhat downwind. This will ultimately allow a higher angle of attack. This can be accomplished on planing hulls, as once on plane, if the hull does not travel straight in line with the boat it does not cause a significant increase in hull resistance through the water.

I would think that with a long displacement hull, i.e. cat hulls, this would not work to the same effect. The gybing board would increase resistance to water flow.

However, I do not know if anyone has actually tried it or not.