I'm not convinced it would be effective with with prop driven plane unless you had plenty of alt to give up. The F4's thrust let it dump that "E" and powered it's way back into controlled flight.
YMMV.
It's extremely effective. T:W ratio helps your cause to accelerate, but the airplane will fly once you get it back coordinated and below the critical angle of attack even at idle power. Thrust doesn't make the wing fly--as you know, there's more to it than that. This is a desperation move to avoid a trip to the tower.
The first time I did it was on the deck in a P-51 against an LA-7. He blew by me right into my gunsight, and if I had been a better shot it would have been a kill. Wound up with an assist because it kept me alive long enough for my wingman to come save my butt.
I did it half a dozen other times with similar results and then took some time away from the game which caused me to forget about it. I'll have to try it again if I can think under pressure the next time it is relevant.