Yes, absolutely.
Though undoubtedly a high-percentage tactic, the main drawback I see to the feigned wallet reach is that the decision to shoot has to be made early, before the ruse is initiated. I don't see it working by feigning the wallet reach, drawing the weapon and then delaying delivery to wait-and-see what happens. In essence, its success seems to hinge on combining the draw and trigger pull into a single act, with the decision to fire made before making the move.
There may be situations where that is wholly appropriate, but perhaps others where it is not. In that case, carrying in my JMCK AWIB may retain a distinct speed and economy-of-motion advantage over the more comfortable but longer reach JMCK #3.