Had a go with doing this a while back.
I found it was very slow on alot of the handsets out there, presumably because writing to texture memory isn’t as fast as main memory.
Incidentally,
depending on what you are using the technique for, you can avoid doing quite so much memory copying by doing an Image2D.set(…) to clear to transparent, bind a Graphics3D to the Image2D, and then perform the rendering with a parrellel projection and Sprite3D.
You can obviously do more funky stuff too - rendering a 3D scene to a texture for example. (for imposter rendering)