bbal,
if done properly this will hold well. The trick is to chisel evenly then sand ever so slighly. Then, you can connect using your favorite joint compound/glue.
Ideally you can use a radial arm saw that can make cuts adjacent to each other. This way you don't have to chisel anything as the blade will cut it all away. I'm not sure I would suggest doing this with a handheld circular saw, though as the saw may jump. I could be wrong on this, but do so at your own risk as I've only done this using my radial arm saw.
wee beastie