It works even better when you have "hobby CNC" and no tool changer. I've set up 3 ganged tools like this - a small drill, large drill, and small boring bar. I ran maybe 100 or more parts like that in mini production run style.
For anyone thinking about trying this, I'd suggest making up a plate that indexes to the machine. Then have stations set up on that plate with known offsets between them. This should make setup and future changes much easier.