I have never tried this, but I would be immensely surprised if it worked.
Effects basically build the shader at runtime, which means it will be extremely sensitive to other setups. Mashing a CCClippingNode on top of it, which suddenly adds a stencil, and some alpha blending to stitch out the image, is probably not a good idea.
This is one of the main areas I am looking into right now. The whole shader thing is so incredible powerful, and the closest we have come to unleashing its powers, is @slembcke's latest shader implementation.
We have to improve on that though.