It would be nice to have them both on the field at the same time, but that formation is more of a passing down. If it is a running play, do you really want Taylor blocking for AP on a screen or option for example? not really.
It wouldn't have to be a pass play and one wouldn't have to block for the other. They could fake a handoff to one up the middle and toss it to the other in the other direction after the defense had committed. There are certainly enough non wishbone plays that could work if we wanted.
Actually in the late 80's and early 90's we used a split back formation quite a bit.