I've seen this done with 35mm color film (recently) in HC-110, and it comes out rather nicely.
I've tried it with D-76, and it comes out, but doesn't work well.
As to printing, the ones I saw came out OK on graded paper, though, as mentioned, the contrast is on the low side. On VC paper (Ilford Multigrade was used), the results were extremely inconsistent, but muddy and very limited in contrast overall.
On a somewhat different note, CORRECTLY (color) processed C-41 comes out really nicely on the same paper. It's a tad low in contrast, but, IMO, it looks really good.