You can do the glitch, do a quick attack, block, rinse repeat. But you can not do the glitch, release block beyond the invincibility frame window, and re-activate it.
Also, what type of scene are you a part of where you or your opponent would even have the temerity to attempt such shenanigans in a tournament? Yea, this is good for the occasional chuckle during casuals for a chuckle and a gurn, but in a tournament? Accidentally hitting start on your pad/stick is cause for a dq or a restart (if opponent is nice), do you honestly think this would go unnoticed? lol