I've tried this, and it seemed to work well with learned codes. However two things I found out;

1) It seems very slow: I have buttons set up that send out multiple codes for DSS channels (ie. Sci-fi send 2,4,4,OK) This works well for IR, but slow or incomplete for RF

2) I have the Powermid IR blaster attached to a Xantech IR reciever. The Xantech unit has a status light, and it seemed that the powermid would send alot of spurious IR signals constantly. The powermid also would dimly light up often.