I do this sometimes. As far as I know, it's legal here. I don't think it's any more inherently dangerous than changing lanes or something.

Also, I think it's legal to ride on sidewalks here (other than State St and the Cap Square) so another related trick I sometimes use is: On corners that say no right turn on red, if the light is red and I'm turning right, I ride across the corner of the sidewalk so that I'm not turning right, rather I'm leaving the road and then entering it again on a different street.

Also, the annoying lights on the capital square frequently turn all red, while the walk signals go all white. In those cases, I exit the roadway, and proceed through the cross streets on foot in the crosswalk.

I only do these things when they are clearly safe. And I'm not a lawyer, but as far as I can tell, I am following the law in excruciating detail.

In summary, I think the right turn fakey and similar tricks are valuable knowledge for cyclists, but every situation should be examined to ensure safety before proceeding.