I have tried it, and it does work to some degree but usually I end up having to do some combination of a curved mix inside the model faces to tweak it to account for lens/distance distortion.
There are probably easier ways to achieve the goal, depending on the situation.
Most useful way I have used model mixes is to design you stage in 3D and use the mix options to preview your content on the surfaces and see what it looks like.
You can also do this with the CTIP tool and MA3D together and get the lights in there as well so that is my preferred route.