If you're wondering, yes, it works swimmingly, and I heartily recommend it to everybody.
This (generally minus the character shuffling, although sometimes with it) is how I've been running games for the past five years or so, and it's worked great every single time.
Seriously, go do it. I didn't even know that it was uncommon until I saw the unusually enthusiastic response Commodore Rients got from it. Good stuff, guys.
I know it's a short post but you have no idea how out of it I feel.