I think the biggest problem with pinking blades is confusion over how to sew a 1/4" seam with pinked edges. Where do you pink the edges - right on the block lines, or do you leave a little extra, and if so, how much? When you sew it, do you measure 1/4" from the tip of the points, or the valleys, or somewhere in between?
I think it can be done, but you'd have to be very meticulous about your cutting and measuring.