This would work, but as mentioned, you'd be limited to the spacing of the punch. Also, it would only work for the lightest layout lines. You'd want to be very careful not to dig in too much. I know the materials used for these punches vary widely, so a cheap one would be a potential safety hazard just because of the materials. And they're short enough that there's not enough leverage to keep the tool from flying if there's any sort of problem unless you add a beefier handle. And having more than two points of contact is also a a potential hazard. My gut feeling is "it could work, but it's not worth the risk."
One thing I've found to be very good at this is a set of bead cutting tools. The set I bought is now
$52.95 from PSI, which is comparable to the cost of a really good leather punch. They are IMHO lousy for cutting beads, but they're wonderful for getting consistent lines. And I'm not limited to just "marking out." I can actually use the tool to get the lines/grooves as deep as I want.