I haven't tried it so I'm not sure how it works. But this is a great idea. Sun Race (a popular Asian OEM manufacturer) makes this derailleur with a teflon coated inner cage and a radius specifically to match smaller radius 50 and 34 tooth compact chainrings.
This sounds promising:
Tom Demerly
The Tri Shop.com
This sounds promising:
Tom Demerly
The Tri Shop.com