It worked for me quite well.
In Oct 2009, I three-day-opted a non-flying remote to Iraq. I had 22.5 years of service, was a U-2 interview pilot, and evaluator in both the U-2 and T-38. I didn't want to retire.
The three-day opt required me to retire 1 May 2010. I was determined to defeat the threat. I was working a number of angles, but nothing was panning out. By early 2010, I hadn't found a solution, but I did figure out that I could request a 6-month extension to my retirement date if my Wing CC wrote a letter asking for it. At the time, the Beale Wing CC was a 1-star. I presented my case that extending me 6 months was in the best interest of the 9th Wing and the Wing CC agreed. AFPC isn't going to tell a 1-star to pound sand: I got the extension.
Around that time, AFPC announced the VRRAD. In my first phone call with the VRRAD person at AFPC, I explained that I was still on active duty.
"Will you be retired before 31 December 2010?"
"Yes, I will be."
"Then you are eligible for the VRRAD."
Basically, one office in AFPC was requiring me to retire... and another office in AFPC was allowing me to return to active duty as a retiree. I never told the two offices about each other, and figured it was best if they didn't know my plan. My VRRAD got approved.
So, on Friday, 29 Oct, I had a short ceremony in the bar and retired. The following week, I came back to Beale, to my old desk, which I obviously didn't vacate... turned in my week-old retiree ID card... went through in-processing with a room full of 18 year olds (at least I got a verbal waiver from the Vice to skip the Right Start briefings). I even submitted a travel voucher for my 33-mile drive from home to Beale AFB for my first day back on active duty.
In 2013, after 3 years, the VRRAD was coming to an end... but I asked the Wing CC to write me a letter requesting a 1-year extension. He did, and I got it.
Finally... I retired 1 Nov 2014. It was my third set of retirement orders, and the second time I actually retired.