Its perfectly fine to do in a manual trans. I've done it a few times with my Paseo down larger hills to help charge the deep cycle battery I have (because I'm running an alternator delete). There is still very noticable drag due to the engine still pumping and compressing air. But, there is a noticable difference between WOT and no throttle. I don't do it often because IMO its really not worth it. Its also a pain to flick on the alternator switch, hold down the injector kill switch, hold down the gas pedal, select a gear to get rpms up a little... then at the bottom of the hill reverse it all to start the engine back up.
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