Yes, that's been tried by some. Doesn't work too bad if you have sufficient swing over the compound. Kinda hard to see where the tool is because it's behind the work. Lot going on when you try to engage the half-nuts at the proper line and get the compound set where it needs to be for the next pass, all while the lathe is turning.

There is also a school of thought that you can mount the cutter upside down and run the lathe backwards. As Gerald mentions, it stresses things away from how they were designed to hold. Results may be unsatisfactory.