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you're proposed technique has some things in it's favour - for example, i) it is not too heavy on system resources, and ii) it gives an 'approximation to a thread' that may be acceptable in certain circumstances - for example it may be acceptable in an exploded view of an assembly with quite a lot of screws that isn't going to be inspected by people who are going to look in detail at the threads!
But you're proposed technique has some things NOT in it's favour - in particular the fact that it does not actually create a true thread, but instead a series of grooved circles sitting closely beside each other.
Yes this gives the general idea of a thread in a resource-efficient way, but I believe many profesionals would not consider it an acceptable alternative to a real thread. For work that may go to e.g. photorealistic prints etc. but not to engineers for it to be made, it could be a very useful little trick if using 'real' threads on parts was such a problem it started slowing things down. You could even use it with a disclaimer such as "Thread representation for visual purposes only" - although at the end of the day putting a real thread on is not too difficult.