With serious consideration, the move looks like it MIGHT work with the gi because you'll have something to pull the guy toward you.
But IMO, it's a bad idea for no gi unless you're playing with a brand spanking new guy or someone that you're much stronger than. In no gi it looks like it's too easy to snatch your wrist out of the attacker's grip and if he gets his leg over your head it looks easy to pop your head out. That's not factoring in sweat and the fact that 90% of your opponents will not volunteer to put themselves in that position. Not sure about others, but my game is based on the path of least resistance. Fighting for that submission seems a hell of a lot harder than just defending the heelhook while going for your own. This is my opinion though.
But IMO, it's a bad idea for no gi unless you're playing with a brand spanking new guy or someone that you're much stronger than. In no gi it looks like it's too easy to snatch your wrist out of the attacker's grip and if he gets his leg over your head it looks easy to pop your head out. That's not factoring in sweat and the fact that 90% of your opponents will not volunteer to put themselves in that position. Not sure about others, but my game is based on the path of least resistance. Fighting for that submission seems a hell of a lot harder than just defending the heelhook while going for your own. This is my opinion though.