I have done something fairly close, but not entirely. Bench/Squat one day, work up to a top set, Deads/M press one day, work up to a top set. That was done 5/3/1 style. It worked really well until the squats and deads got heavier. It did not work for my bench towards the end, but 1/2 of that could have been because I wasn't recovering well due to the heavy squats and deads. If my lower body workout is too high, nothing works for my upper body.
I pay close attention to what I eat, and don't have unlimited access to food. I felt like that routine made the most of my calories, as I wasn't burning them up doing multiple sets and then trying to recover from them. I did make good strength/size gains for quite a while.
The only issue I have with doing 1 heavy set once a week is that I personally need a bit more to keep the movement fresh. That being said, it doesn't have to be a heavy set either, it could be dumbell bench instead of barbell, which would reduce the weight a lot.
Do it to it! See what happens. A lot of people are surprised when they see what kind of gains they make when they actually give their body time to recover. For a while I was just going to the gym when I was fully recovered, which ended up being about 3 times in 2 weeks, and was making good progress on my bench, which doesn't usually move much. I am going to be going back to 5/3/1 simply because it makes the most of the calories you have available.
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MrKasab, while I am glad that program worked for you, it wouldn't work for 99% of the people that tried it. It probably wouldn't work for you again, either. Putting 100lbs on your total in 2 months isn't normal for any program, or any person, unless they are just getting started, in which case it has less to do with the program than the body's adaptation. Yes, your body can adapt, but only to so much, and it requires time and energy to do so.