That hasn't worked for me when backpacking in the Sierras. The first year we stayed at a hotel at low altitude before driving to the trailhead at about 9000' in the morning and we all suffered from altitude effects the first day. Since then we've camped at the trailhead the night before a trip and have felt much better.

Altitude effects vary considerably between individuals and being in good condition is no guarantee that you won't be significantly affected. Try not to overexert yourself early in the ride and make sure you stay well hydrated.