Yes I use this method several times and love it (love being relative to the fact that I HATE basting). I have two tips for you ....
1) Baste from the back. The reason being is that the diagonal stitches on the top are longer than the stitches on the back (if you use Sharon's herringbone method). If you flip it and stitch from the back, then quilt it from the front, you'll have less stitches that will catch on your presser foot when quilting. I've tried open and closed toe FMQ feet and both of will catch the longer diagonal stitches of the herringbone, but I had much less of a problem when I basted from the back and had only the shorter horizontal stitches.
2) Use a water soluble thread to baste. You don't have to remove the basting stitches, just stitch over them. If you plan on washing the finished quilt, they'll come out. If you don't plan on washing the quilt, just run a slightly damp wash cloth over it and they'll come out!!
I love how this method keeps my quilt nice and flat while basting, straight while basting, and holds together really well. And no ... I have not had a problem with the water soluble thread breaking even with frequent handling while quilting.