I've done it for release shooting and I don't see any reason it can't work at least as well as paper tuning. Only problem is, most people don't do bareshaft tuning correctly. Just stripping the fletches off and shooting the thing is WrOnG!

Stripping off the fletches not only removes the steerage, it also changes your FOC. If you're shooting vanes on your fletched arrows, it changes FOC BIG TIME! To keep the FOC consistant with your fletched arrows, you gotta wrap some duct tape around the nock end of the shaft. How much depends on how much weight you gotta make up.