I believe the Bulgarian method, or the John Broz method is more effective. I made the most rapid gains on squats when I was hitting my 1 rep max 5 days per week. Each day was not a new PR, and the first few weeks were a grind but after a month my max was way up as was my 3rm, 5rm, etc.
After a month of this, it was VERY hard to bring myself to squatting each day, so I took a reload week and went back to a 5/3/1 template - with a much higher squat max then before!
I'm actually going to start this up again in about a month, but use 4 days rather than 5 and incorporate bench as well. BTW, I low bar squat so save the posterior chain recovery stuff - it didn't slow me down.
Personally, I would not be able to do something like this with deadlifts; I just don't seem to recover as quickly from those.