It does work
and is a good way to reduce the beam diameter.
In the hope that the divergence would be acceptable, I tried using the longest FL single aspheric collimating lens I could find (which was 8mm and large diameter so high NA and very low losses as there was no clipping) and then split the ~8x2mm beam to either knife the pair of 4x2mm beams together or use a PBS as you described, but the divergence with this lens was still over 1.5mR so not really good enough.
Using a longer FL collimator would mean the beam diameter increasing >4mm, again not really all that great.
To reduce the 4x4mm beams divergence would require secondary collimation, so again a beam diameter increase.
At the end of the day there are less complicated ways to get better beams from these diodes.
So once again, that nasty fast axis and the laws of physics get together to eat up another pile of time and money.. heyho