I have tried it .... worked well for me.
I think it was in part because I shot instinctive for over 2 decades before I used a pin sught for hunting. I did try up to 4-pins for a while and even a pendulum. However I found no real advantage from about point blank out to 30 yards over a 1-pin sight. I will admit that for the last 5-6 years or so that I was able to use a bow, I used 2 pins ... I started taking more 40-45 yard shots because I had acquired a rather fast compound and had confidence in clean kills at that distance. The second pin helped me mitigate the arc. When I was so active in target archery I did use up to 6 pins, but I found even a 4-pin sight way to busy for hunting situations.
With a lot of quality practice, I would say that you could become very proficient with a one pin system .... certainly out to 20 yards.