Hi Matt,
Anything is worth a try even if it sounds far-fetched or way out of the box. That said, one thing to remember about MBC's is that they work more on compressing frequencies than actually compressing a signal. Therefore, you're going to experience pumping and breathing faster than you would using a full out compressor.
The sound you choose is what will determine how a MBC reacts to it. Even with minimal settings, you can sometimes pick up pumping depending on how much of something your sound may have.
For example, most of my heavy guitar sounds seem to pump a bit at about 120 hz. If I run a MBC I can make it control that perfectly. But if I try to run it hot in hopes of getting that compressed effect sound, the MBC is not the tool that will do it for me. It will definitely give me artifacts without that happy medium when used to the extreme.
Another thing to consider is the actual MBC you use. I have several here but only the UAD Precision MBC gives me control with less artifacts and more transparency than any MBC I've ever used. It's just fantastic in all aspects and I personally put it at the top of the MBC ladder when compared to all the others I have.
But even that...when used to the extreme, it doesn't tighten things up the way you're talking. You can try what you're saying here...who knows, it just may work. But I have other methods that I use for that "wall of sound" that I think will work much better at least for the stuff I do. In my use here, MBC's help me to control frequencies in the material that may need a bit more help other than eq and a conventional compressor. See how you fair with that though and please report back with your findings. I'm interested in hearing how this works or doesn't work for you. Good luck!
-Danny