I've seen flash do this 3h build and though in the game he lost because half his lings were out of position to defend the MM stim timing, it seems to solve all of 3h's modern weaknesses; 1/1/1 and +1 5rax. Basically flash does a 3hatch build with the third hatch at a new main, similar to ZvP openings but taking a new main instead of a new nat.
1/1/1 is countered since he gets hydra den at 4:30, which means hydras will be on time do defend first wraith. From there, IMO 3 base zerg easily out-ecos 1/1/1.
+1 5 rax is countered because you will have 2 lurks on the ramp of your third base 2 minutes before +1 5 rax stim/range power spikes kicks in. The strength of +1 5 rax comes from +1 MM with stim+range taking over around 7:00, making it incredibly hard to safely get a 3rd gas base up and running. But in this build, flash solves it by taking the 3rd gas early.
Might be vulnerable to timings like 1rax fast acad stim timing, or standard 2 rax stim timing, but the third base gives you extra income that you should be able to afford more defense than usual. Don't know why I haven't seen more top level zergs try to develop the build, it seems to me like it has meta-defining potential.