They did this as an (interesting) experiment in the Tour Méditerranéen 2004, finishing at the top of Mont Faron. I can't recall the reactions from the riders and DS's - the stage was on the day after Marco Pantani died, so it wasn't really a headlining story at the time - but the idea is kind of intriguing.
They started with 20 k flat before the ascent of Faron - each rider got his own time. CSC thrashed the opposition that day, with Jaksche and Basso in front and Voigt in third.
I see no reason some creative race organiser couldn't bring back an event like this, but - as mentioned - I can't remember the reactions from the involved parties. Maybe it wasn't a success.
Cyclingnews' report is available
here