I feel sorry for anyone tasked with maintaining or altering any software created in such a manner.

Is it possible to create software like this? Sure. You leave out the following things:

Unit Tests

Code Reviews

Refactoring

Architecture Enforcement

A team that skips these steps, and gets very good at skipping them can deliver new software at amazing rates. Right up until technical debt smacks them in the face. It will happen sooner or later.

And here's the worst thing about skipping these: as a PM, you'll have no idea that the product is un-maintainable until it is too late. You won't be able to tell that what was created is a hack, because most developers are quite good at making a hack work. Kind of.

When the technical debt starts to pile up, everyone will start screaming legacy code this, and legacy code that (when they were the ones who wrote it in the first place), and the tempo will fall off completely. Your good developers will go somewhere else, you'll blame them for making a bad product, and pretty much everyone involved will be unhappy.

So no, I don't think it is a legitimate managing technique. Unless of course your aim is to churn out an unmaintainable product, make a profit, and then go out of business. Getting the task done in the least amount of time possible is almost always a horrible metric of project success.

Edit If there actually is a hard deadline, then be honest with your team and tell them what that deadline is. Treat them like professionals, and expect them to be honest with you about whether or not the deadline is feasible. Either party being dishonest in this process will result in a downward spiral of lies and suspicion.