Yes, this is done quite often. Just change the bit number to get the flash rate you need.
One reason I don't like this method, however, is that when you activate the logic to enable the device (usually an indicator light), you will likely catch the S:4 bit "mid flash" and it will cause your first pulse to be oddly timed. Not usually a big deal but those kind of things keep me up at night. So, for flashers nowadays I generally use a dedicated timer activated by the enable logic, and a bit of the accumulated timer value to trigger the light (i.e. T4:0.ACC/12).