Something close to that was tried in Microsoft when I was there 1996-2000. It was extraordinarily hard to keep the visual forms designer and the output code in sync, especially when users tried to edit the code.
I don't think it needs to return trip for it to be useful. Most of the value is allowing programmers to get the business logic that expert users generate.
I wish that somehow it was continued and not sent out to the pasture at Claris.