I do this, but from New Zealand: 5am (in winter) is 10am in SF, so I wake up at 4:50am. I'm usually online by about 5:15am. I manage a software team, who are distributed across North and South America.
It works fine. There's more than enough overlap between all our timezones (some of my South America team have adjusted towards SF time, too, though I haven't asked them to). Many of my colleagues don't even know what time it is for me, which is kind of the idea - it makes it easier if I just stick to west coast office hours, then no-one else has to think about it.
The early starts do drag as winter goes on, but I have the first daylight savings coming up in about 6 weeks - that'll mean 6am starts - then another DST shift will make it 7am (but I'll probably do 6:30am).
I am a morning person, and though I wouldn't usually wake up at 5am by choice, I wake up and become fully alert quickly enough that it's fine.
Having a big contiguous block of time in the afternoon / evening is amazing. Even in the middle of winter I finish work at 1pm and I have ~4 hours of daylight left to do whatever. In summer I'll finish around 2pm and have 7 hours of daylight. It's like having a full day to do stuff, every day - provided I have the energy.
I know someone who did this. If you're a morning person already, the 5am wake-up isn't terrible, and finishing work at 2pm means you get prime surfing time every day. Not a bad way to go.
I have a lot of calls that are mostly people in eastern time and central European time. It mostly works pretty well. We schedule calls typically between about 8:30 and 11 ET. Sometimes those of us in ET have a bit earlier calls than we prefer and the Europeans have calls a bit later than they'd prefer but it works pretty well. And we just don't expect Europeans to get back to us on the same day if we send them an email in the afternoon and they don't expect us to respond to emails in their morning.
Of course, if you're contracting the client may well want a more synchronized schedule.