It's a great little league play but in the major leagues, the bases are too far and the players throw too fast for this to be effective very often.
In a traditional double steal, the runner from 1st was already leading off and running on the pitch and the catcher has to either throw it down immediately or fake. In this walk situation, the catcher would have time to fake to third before throwing down to 2nd. The runner between 1st and 2nd would have to survive 3-4 throws in the rundown so the guy on 3rd would have time to start sneaking down the line and break for home. If your pitcher is up next and there are two outs, it might be worth a shot but generally this play is going to backfire more often than not.