Nautilus, Hammer or that latter-day Arthur Jones machine line pullover?
Sure. Good stuff.
With a DB? Meh. Modify the movement a little bit and it makes an excellent triceps exercise, though. I can't remember where I first saw it -- I think it was some DC-oriented site -- but one of the members called it a PBJ Pullover. Or PBR. ... hmm. No, that's not right either. SHIT!*
(*Suffice to say, the movement was coined capital p-something "pullovers." At least, I think so. RJR Pullovers, NPR Pullovers -- whateva-da-fuck.)
I'd certainly never do any variation of pullover to "work chest," though -- that's for damned sure. I know Arnold did and Arnold's the man, but sheeeeeeeit ... if he made a mistake in fucking some fattish Mexican maid, whose to say he made each and every perfect choice in his training, and/or his training "advices" (shudder)?