I'm not sure if it's a great idea, but I know how to make it work. I use the technique even when I have a real Luminance in order to boost saturation and get some Chrominance Noise Reduction.
If I was going to use a pseudo-L, I'd make my RGB, extract the Luminance channel, then use the LRGBCombination process. I'd only check the L box, point it to the pseudo-L, and then apply the process to the RGB image.
The Saturation slider has to be moved to the left to increase the sat.
I usually play with the saturation settings until I am happy, then do one more run with the Chrominance noise box checked on the defaults.
This technique (from Vicent Peris' tutorial on YouTube, I believe) gave me great success when working with Hubble Data that had just two channels.