If you are wanting to use this as a manifold for CO2, I don't see why it would not work, but it may not be the best choice. Most of your better manifolds have check valves to prevent liquid from flowing back into your regulator(s), and may even have the option of multiple regulators to customize your carbing/serving pressure for each keg.
Now having said that, I use a simple 4-way divider for my "manifold", serve everything at the same pressure, and try to be really careful about backflow.