Iowegan,
Actually it is something that is done much more than you may think. Silhouette shooters do it all the time, using the "Taco Hold". That is why The 22 Hornet and the 32-20 are so popular, because they don't have enough recoil to push the scope back into your eye. I have used this hold with light loads with a 357 mag barrel on my contender and never got a shiner.
This is a really steady hold and it easy to shoot accurately with it.
Sixgun