I really don't think it would be smart. It would be a tuning nightmare, it would have poor low end power, you'd have nothing but headaches. The other problem you'd have is where would all the pressure go when you let off the gas? The intake would close but the turbo would still be pushing air.
The more I think about it the more problems I'm coming up with. You need a wastegate, a blow off valve or both. Really.