I have found that it works OK, as balindamood says. It's not great, though; obviously it means that the jockey wheel will be further away from the smaller cogs.

When I realized I wasn't using very much total chain wrap (11-30 cassette, 36/46 double), I upgraded from a Cyclone Mk II GT (long cage) to a Cyclone Mk II (short cage). This brought the jockey wheel up a lot closer to the cogs, which made shifting a bit faster and quieter.

It shifted fine before the swap, but it was just a bit nicer and more refined afterward. I'd imagine you'd have the reverse when you pull the jockey wheel further out with the b-screw trick.... it should work just fine, but a bit sloppier and not as nice feeling.