I do it all the time, not always a full out TT effort but I like to ride one of my weekly L4 sessions as a solid 1x60 instead of 2x30, 3x20, 2x20, etc. My AP for a 1x60 tends to come in around 95% of my current FTP.
So yeah, a full 40K TT effort is fantastic Threshold training, if nothing else it's a good 15 to 20 minutes more time in L4 than a classic 2x20 session but I also find it's much better for working on race day focus and the mental aspects of longer time trials.
Try a single all out 20 minute effort the day after one of those full 1x60 (or whatever your 40K works out to) efforts. My four all time best 20 minute efforts have come the day after a 1x60 ridden at 90-100% of FTP. It really surprised me the first time it happened, it was like legs were tired from the previous effort but pretty much numb to the normal discomfort of full out efforts and churning out the watts in big gears just felt easier than normal. I've had a few other riders try it and several of them have set new records the day after a full 1x60. Give it a try sometime in the off season when you're playing with blocked L4 training, you might just surprise yourself.
-Dave