It's hard to see how you can have much success with this method. Current recruiting strategies involve getting from recruiter telephone call to final decision within 2 weeks, or 1 if possible. The faster you move on a candidate the more likely they end up working for you. At my current employer initial phone conversation, telephone interview and on site were all within 7 days.
While I'd never argue its a "good" thing to have a slower pipeline, in the past when I had pipelines with timing similar to this companies, it didn't have extreme negative impacts on the success of the pipeline.
I don't know why that was, but my suspicion was that our highest qualified leads were those coming from candidates that were "happy enough" at their current positions to not be frantically searching.
As long as we seemed like a good place to work, and we did a good job of communicating why back logs were happening, we didn't lose many of the candidates we were most excited about.
my experience is that I am mostly happy where I am, and I am not in market when I am Happy, but when I am not happy, I want to get out asap and wait times as high as a month is a real turn off
