I'm pretty sure that no experienced owner in their right mind would even consider doing something like this.
The fallacy with this scenario is that Joe Prospect has burned through his three option seasons after season 3, and would have to clear waivers to go back to the minors. If he's any good (and he would need to be VERY good to want to play him in the majors at all during his first season), he's going to get claimed.
If you want your prospects to get maximum playing time, surround them with other good prospects and tend to your minors to try to make the minor league playoffs every season. Once they get added to the 40-man roster out of necessity (after 4 pro seasons), then you can do the above for up to three seasons. But then, if he's any good, he should probably stick with the major league roster by season 4 or 5.