Well, I'm certainly a practitioner of the above, at least in part, as I've turned myself to working on my fictional background for my games as I haven't currently cleared enough of a space in either my home or my schedule to do any painting.
Luckily, my writing seems to have been a hit and keeps people coming back to my blog. And I certainly haven't slowed down in ACQUIRING minis for the game (and for EOTD). But I think that's one thing that is special about IHMN -- Craig and Charles have made the rules expressly so that one is encouraged, nearly COMPELLED, to create one's own companies because the method is clearly explained, everything is costed out, and examples are given. The abundant examples in the two books currently available and on the IHMN blog are great.
I look forward to the time, hopefully after the holidays, when I can actually get some paint on some minis and show off what my mind is picturing when I write about these despicable denizens of steampunk London. My wife just asked me the other day, "Is Miss Rossum going to ever run into the Crooked Man?" Oh yes, and little does she know it's going to happen on our gaming table before it ever happens in fiction. But I'm as eager to see it as everyone else.