I've heard of it and I wouldn't recommend it. True thatch is plant material that is very slow to decay. If left on the turf, it is going to work its way back down to the soil surface and still be slow to decay and you are back to where you started.
Some things FYI:
First: Most "thatchers that come with a seeder box (drop spreader) have fixed blades. Their height can be adjusted to soil height and they will thatch fine. They can also be adjusted to below soil height so that they cut a slit into the soil (they will also be bringing up thatch too) The slit makes a perfect place for seed to deposited for improved germination due to seed/soil contact. Some of these machines have the box in front, some in back. The ones with the box in front drop the seed before the blades make the slit. I've found these are fine for small seed KBG and it helps bury the seed, but larger seeds like fescue can be injured by the blades. The rear box machines avoid seed damage as the seed is droped after the blades have passed, but for good seed/soil contact you should roll or topdress to close the slits. Common names "slit seeders or verticuters. Common manufacturers are Billy Goat, Ryan and Bluebird. Another problem with the attached box is that the smaller seeds will continue to poor out on turns or when the machine is not moving.
True Power rakes or vertirakes have flail, rather than fixed blades. Flail blades work very well at removing thatch with less damage to the soil surface, but they should not be used for seeding as even when lowered they will only make short gashes into the soil.
If you want to be able to thatch and also over seed make sure the machine has fixed blades. If you only want to thach, flail blades will work fine.
If you want to overseed too, i would suggest you run the machine over the yard for thatching and rake the thatch. Then run the machine again at 45 degrees to the direction used for thatching to cut slits. Use a broadcast or drop spreader to overseed your seed of choice. Roll or topdress with peat moss no more than 1/4".