If the plane was dedicated to a single depth truss rod slot then it might be ok, by making the body of the plane act as one big depth stop like you say Mikey. I guess you'd then dig in with the initial passes but the final pass at least would be at an accurate depth.
I seem to recall seeing pictures of an interesting looking British plane from the 1930s that had no skate at all, instead it had a flat sole and an impressive depth adjustment. I can't remember the name (it might have started with an 'H'), but supposedly it was useful for all sorts of things aside from just ploughing grooves, including stopped grooves, dovetails, etc etc.