This does work, but longdead horsement are not an option. Longdead, ghouls and souless are all you get. I had a level 4 profit priest. The plus side is you can save a bit on maintence and possibly increaes your skill in death magic with this tactic.
You know, I suppose I already knew that. In my current game, I got a H3 hero who I promptly made my prophet. He did not gain the ability to reanimate Horsemen. I wonder if this is always the case with choosing a prophet, because it wasn't in DomII.