Maybe I'm reading this wrong, but it's not just the 3rd to 1st move, but any fake throw to third by the pitcher. This seems like a horrible idea to me. Fake pickoffs to third are a part of the game for a reason, runners are going to be running wild in first and third situations. The pitcher is already at a disadvantage having to hold two runners from advancing.
A bad idea is better than no idea at all- Hawk