yes, it works. it eats up some time, but if it's the only way you will be able to ride attractions that the kids are too small for, then it's a good option.
we have 4 children, and we've been using the parent swap for the last 8 years (this will be our first trip when all 4 kids are big enough to go on everything - well, except california screamin'). it's kind of a pain sometimes (it can be less than fun to sit and entertain busy little ones while waiting for those who are riding), but you work with you have, right?
hope you have a great time!