I do it everyday of my life. I have a treestand and target setup at work. Before I start my day I set a 3d target up (different yardage/angle), climb my practice stand and grab my bow with ONE arrow. I sit down and go through the motions like it's the real deal. I shoot my single arrow and that's it. There is something about knowing you have one shot to make it count that puts that much more impetus on that shot (just like the real thing). Flinging arrow after arrow becomes too repetitive and easy. You fall into a comfort zone knowing you have "x" amount of arrows to shoot if the one your shooting doesn't find the mark. I think it is a very effective way to practice. I could go on and on and on about the psychology behind the whole routine and golf analogies, but I won't [8D].

I also practicewith multiple shots quite a bit to work on form.