Safety pilot in and out of IMC

I want to go fly some approaches (and a hold) on Sunday. I know from
experience that it's likely that the ceilings will be too high to do any
meaningful approaches in IMC, but high enough that I might be in IMC
during the vectors to the approach or at the hold. I figured I could take
along a safety pilot, and then when I break out on the approach tell him
he's acting PIC while I put on my foggles and complete the approach, and
then when we go back into the clouds on the missed take off the foggles
(or not) and become PIC again.

Has anybody else done this? Is it smart? Safe? Legal?


--
Paul Tomblin http://xcski.com/blogs/pt/
"As Canadian as possible, under the circumstances"