I've used this strategy before with some success, but it's scary because...well, it's scary for the same reasons it's scary to bluff anytime.

The best time, I have found, to respresent a draw is in an MTT and only 1 or 2 more people need knocked out before the rest are guaranteed paid. Play really tightens up then, and so you can do this 2 or 3 times (don't get ridiculous though).