Thoughts on combining signal delay with pitch bend

So I'm familiar with the technique of using a Delay effect in audio production; this allows a signal to be played back after a slight delay from the original signal. This technique can be used, for example, to play quarter notes and have them sound like eighth notes.

What I'm thinking about is the possibility of running the delayed signal through something that will change its pitch. Reason does not have a pitch-bend device that I know of, but some devices do have a function that can change the pitch. The Subtractor is one that comes to mind. If I lowered the pitch by 4 or 5 semitones, then the delayed notes would actually be played back as a different note in the same chord as the original note. I would expect that this could produce an interesting arpeggiation effect.