I haven't tried it, but if it works for RC, and if you make sure it's heavy-duty enough (using gear for an equal-weight RC plane is probably good enough), and if you compensate for the fact that you're otherwise compromising the structural integrity of your wing in the vicinity of the LG well (meaning, if you cut into the LE sheeting put a plywood surround around it), then I don't see why it won't work.
I'm already contemplating a TUT variation for someone that'll implement a Renicle-like motor speed sensor on top of a Howard-Rush style "hijack the Igor timer". Basically it'll be set up to manage the gear without interfering with the timer, but if the motor craps out in flight the landing gear will go down immediately, hopefully in time for you to land on the wheels instead of the prop.
Of course, if your motor only ever cuts out when the timer tells it to, and never because you have electrical problems, you can just use the Hubin timer.