I was in a sit and go stud tournament where a guy did that very same thing - and he never played a hand. It came down to three of us, including him.

The other player and I then just checked and folded until he was blinded and brought in out. this was the only way that the two of us could be sure to make 1-2. I ended up 2.

It was funny to see, and I suspect that he/she did it in multiple tournaments, and problably ended up in the money for a few of them.