Like so many things in life and art, just because you *can* doesn't mean you *should* ;-)
Luckily, in Lilypond you *can* :-D
Given almost any rhythm could be expressed without the use of silly time signatures (possibly by eliminating bar lines for a short section, or maybe writing extra bars*). It makes sense to make life easy for your players, rather than show off just how clever you are.
I've very occasionally had to play a bar or two of 4/3, and it unnecessarily complicates something that's already difficult; particularly as it utterly confuses those players that don't know how to parse it.
Chris
* yes, it could be difficult to write the same bar lines for all players. Better I think to write partial bar lines and readable rhythms. The same argument stands for ridiculous key signatures, whether an explicit key sig, or written as something like a scale of F double-sharp