Never done it, but the idea intrigues me. I'll try it in a future play-through.
I tried that with a character who completed much of the game at level one. Then it hit me that it was making the game easier, and not harder, as I had originally intended. He had an almost full suit of daedric (upgraded from ebony drops) and several skills at 100. It was actually a decent challenge, but mainly due to the 100 hp/mana/stamina level and lack of any crafting perks.
I see how it can be easier since the enemies only scale with level and not skill or equipment.
How about leveling up and just spreading the health stamina and magica points out, even if you don't need magica or stamina?