I only know one person who's done that. In some ways there's been less future shock than we expected.
I feel like that could kinda work for my wife's name and my name, but the possible new combinations still sound a little off to me. (We both kept our original surnames.)
I tried supremely hard to merge my partner's last name and my own but each iteration sounded multiples worse than our own last names. We've kept our original surnames and given our kiddo a hyphenated one.
I also know two people who have done this, but they're also not married.
This variant could lead to a split of the set of existing family names into two disjoint subsets, one that is passed through females and one that is passed through males.
I do not think that this split could create problems, unless at the date when the system would be introduced there would happen to be a serious imbalance between the number of family names carried by females and the number of family names carried by males, which might be then preserved by the system.
My first wife and I hyphenated our names after we committed to naming any son we had with my last name and any daughter with hers. We only had 1 child (a daughter) before we divorced, but that daughter carries her mother's family name only, not mine.
This would match the way how chromosomes are passed from the parents. Neglecting the crossover (whose effect is only that the sequence pairs between which a random choice is made are smaller than the chromosomes), for each pair of chromosomes one is taken from the mother and one from the father. The choice of which of the two chromosomes of the mother and of which of the two chromosomes of the mother are taken, is random.
I believe that this would be a better system for naming people. A random choice of which family name to take from each parent might be preferable, to avoid the reduction in number of the possible family names, if some would be preferred much more often than others.