As someone else stated (and I just want to confirm), the new, updated eBay Buyer Protection guarantees protection for both the cost of the item AND the original shipping cost. So, should anything be problematic about the transaction, you should get all of your money back.
However, it's true that it is a violation of eBay's policies for excessive shipping and for trying to manipulate/get around eBay regulations. In that case, eBay may not be willin to help you.
Overall, I wouldn't recommend doing this, either.
But buyer protection doesn't cover your cash if you want to return an item due to buyer's remorse, change of mind etc... So unless you are dead sure that you want this item, you should steer clear.