Yeah, I do this in particular with the basses, below say 250-311Hz or so, it varies depending on the key of my project... I'll use sidechaining to cut the low end in other tracks to leave space for the kick. It's similar to sidechain compression, but removes some of that "breathing" quality you can get from ducking your bass in time to your beat.
I was also recently reading a short book on mixing where it was suggested that you can move your bass out to the sides of your stereo spectrum if you want to leave room for your kicks, and I thought to myself "Hey, I bet I could sidechain that so that the low frequencies of my bassline move to the sides when the kick hits so that I am reducing the sound even less."
However, then it hit me - this wouldn't do anything at all in mono, so... I scrapped the idea. Pity, though, it seemed like a sexy idea. It makes me want to start having mono versions of my tracks for DJs to play in the clubs, and stereo versions for headphones and home stereos and such.