Flexible Application as a grouping tool

Is anyone using the flexible app as a program award (sourced to more than one fund) rather than a single use, one flex app-one scholarship situation? If so, do you have any words of advice for me? What are the benefits of doing it this way, and what are the pitfalls? In your experience, is there anything you wish you knew ahead of time? I would appreciate and words of wisdom you could send my way. Thanks!