Really depends on the type of phone interview I think. If it's really basic HR, do-you-fit, core competency stuff then no, I don't think it makes sense to replace the phone interview. If it's a technical assessment then maybe, since it makes more sense for them to accept a work sample.

Work samples are a way better indication of candidate quality than phone interviews. If the interviewer is sensible and has the flexibility to deal with it then they would definitely prefer you to show them your coding chops than ask you a bunch of technical questions. Many employers won't have the luxury of being able to spend someone's time reviewing your code though, or if they're big enough, will likely have a bunch of HR hoops to jump through.

If they're small and smart though, it's definitely worth a shot. Phone interviews are horrible for both ends. Beyond the real basics I think it's better to avoid them.