How does that work? Pressing it alone is escape, pressing it in combination with another key is Ctrl?
Yes
If you use Emacs, I've heard great things about used xkb to remap spacebar to control, and using xcape to make control generate a space when tapped. It sounds messy but now you'll get emacs thumb instead of emacs pinky.
What is good for?
You can abandon both bottomleft Ctrl and topleft Esc.