I've done it several times with great success - you won't believe how much more moist the meat stays, since the juices keep circulating through the breast meat for much of the cooking time. I've never had a problem with the skin tearing (but definitely oil the rack regardless).

It is a bit of a logistical exercise to manage though :)

As long as you don't mind the risk of the breast skin sticking to the rack and maybe tearing when you flip it .
I would follow the recipe but cook breast- up instead.

That's the method suggested in Russ Parson's Dry Brined Turkey recipe, and it works really well.
Here's the recipe, if you're interested in seeing the method: http://www.food52.com/recipes/15069_russ_parsons_drybrined_turkey_aka_the_judy_bird