Yes, but for a long time anything you could get by trading Feudalism you could get by trading CoL/MC. And LBs are nice, but they also cost a lot of hammers so I don't see it as much of a plus except in exceptional situations.
Not claiming it would never be a good option, just seems like it would be extremely rare. It's a pretty long slingshot, which costs in terms of expansion, but doesn't have anything like the benefit of getting early CS.
If you can get it it's almost always the BEST option

I don't see too much flaws in offensive LBs, except for the single fact that you HAVE to oracle feudalism (selfteching takes way too long), and that's a gamble on immortal - on deity i wouldn't consider this slingshot, but maybe i'll be proven wrong here some day. You'll need:
a) high commerce right away, preferable 1-2 gold/gems
b) the land, means: high production even without BW because you'll need your beakers elsewhere and in the optimal case food that you won't have to tech for (e.g. you start with agg and have corn)
c) ofc the sorrounding, there's no use in LBs if you'll get overrun by barbs... but on pangea it can be a strong move
d) the right AIs, if there are tons of religious/whonderwhores in game you'll most likely won't be able to hold off the oracle long enough to get feudalism from it. This includes a nearby rushtarget, ofc ... no use in feudalism if there's noone near to fight.
Also, you'll be able to just ignore every warmonger and any kind of threat for a looong time with early double promoted LBs, there's simply nothing before maces show up that'll give LBs a hard time, and you know about the stupidity of the AI when warring ~
I'm not saying that oracling feudalism is any kind of übermove that'll give you essentially the ability to do anything you want, but it can be great in the right circumstances... you shouldn't underestimate it at least

It's hard to pull off, but if you can pull it off it's great. Have done it twice in recent forumgames, which both times resulted in great winning positions. OTOH, if you don't get anything from the oracle you'll be screwed in almost every way, so this is neither a recommended way to use the oracle nor a save way.
@topic: 90% of the time i take alpha, 8%MC and 2% CoL (roughly) ... and sometimes feudalism

For me it's Alphabet, that way you can get a ridicolous amount of techs very early which makes oracle extremely worthwhile.