I've heard of a few people doing it. It's a viable idea. You do have to pay attention to ensure that you aren't blocking too much airflow through the radiator or obstructing the headlights and turn signals. You also will be subjecting the cargo to bugs, road grime, etc., though that's also broadly true with a rear-mounted cargo carrier. However, if things work out where it's reasonable to do, it can be entirely practical.
You might be able to get some improvement by shifting heavy items from rear cargo compartments and storage locations towards the front ones, and vice-versa for lightweight items if needed.