Sure it will work as long as you are not paying the electric bill for running the pool pumps and don't mind reduced flow and the risk of burning out the pumps due to increased head.
No it is a bad idea it is like throwing change from one hand to the other and wondering if you will have more money. It is the same money plus you lose any you drop. You are better off putting the pool on a timer and shutting it down for several hours like midnight to 6 am.
Finis