Not all that uncommon around here. The occasion to do what I call "A Real Rejump" happens enough that it's taught each preseason and occasionally shows up on a state rules exam now and then.
Here's one recent example:
Wrong Rejumpers
The most memorable occurrence of this situation I recall happened about 8 years ago. It featured the tipped jump ball bounding waaaaay back near an endline where a 5'4" guard tied the ball up with about a 6'7" opponent. Of course, the coach of the shorter player insisted the rejump be between the original two jumpers. Of course, the other coach was happy as we insisted on the correct adjudication.