I appreciate the replies so far. I'm getting a lot on both sides of this argument: Two inspectors told me they wouldn't allow it, but couldn't cite any code off-hand to back up the rejection.
I've brought it up with a lot of experienced journeyman who take Don's position: An overload is impossible because the OCPD will open the circuit and prevent it.
While I agree that overloading the wiring is impossible, I don't read the definition of overload to be limited to wiring or connected appliances:
Overload.
Operation of equipment in excess of normal, full load rating, or of a conductor in excess of rated amapcity that, when it persists for a sufficient length of time, would cause damage or dangerous overheating. A fault, such as a short circuit or ground fault, is not an overload.
The definition of "equipment" includeds "devices" and a circuit breaker is a device.
George, I'm curious to know, if you are in a professional capacity to restrict this practice, and you disagree with it, what makes you allow it?
-John