I saw a team who would run this occasionally with a very quick kid. Then he's wait until the defense was ready to appeal. As soon as he saw F1 turn to throw to 2nd base, he'd sprint home. Rarely, F1 would stop his throw and go home, trying to stop the score (and nullifying the chance to appeal), and this kid would usually negotiate the rundown and get back to third or score. Most of the time, however, whoever was fielding the throw at 2nd base would see him take off and fire him (nullifying the chance to appeal), and this kid would beat the throw.
After arguments with the coach when they did appeal unsuccessfully after that, this ploy didn't usually work twice on the same team, but I did see the kid pull it off in the playoffs against unfamiliar teams after the season was over.