Actually you do, it's height dependent. Mess around with the timing. The one thing is you'll usually only be allowed 1 W! instead of 2. I just go for SBH B, agA, 3B, SCH B. It's around 130 damage. Which is solid for meterless damage.
I'll work with it, it might be slow but it's another tool in the arsenal. 90ish meterless damage in this game is pretty godly too. Though I was testing it against some moves that I could step on reaction, and sometimes I was getting 83 when I had to do 11A, iWS B, 6, SCH B for it to connect...
I dabbled 11_77A combos yesterday and I think you're right, the damage potential is ridiculous. And you save meter doing it. That's one reflex I'll have to train, hopefully it's not too slow out of step.
I messed around this morning, I am preferring the 1B/iWS B after JG. iWS B is less damage than 22BB4, but you'll get some free meter JGing rather than stepping. And ringing out backwards with 1B is pretty smexy.