I have done this, which is about the same as you make them if you use the foundation paper piecing method, as far as the continuous piecing. If you do it this way with the squares and rectangles, you wind up with a lot of little stray (possibly wasted bits). I saw a suggestion somewhere (very likely on Bonnie Hunter's Quiltville) that you can make a second seam a half inch away before snipping off the triangles, and what falls away is a little HST block, which could be much more useful than a bunch of triangles with open bias edges that tend to get stretched before you'd get around to using them. It takes longer, but you can think of it as working on two quilts at the same time. Or they might make a great border on the flying geese quilt.