I have never done it, but have thought about it a lot. I have also did a lot of calculation with it on a frequent basis.
IMHO, a typical 100+100 span butterfly costs between 15-20 Rs. Trading in it will make you 2 bucks at the most. It will unnecessarily block huge margin. Remember, for every butterfly ther are two WRITES.
A good strategy I think would be to see if you can get a butterfly below 10 bucks. If you can, then buy and hold to expiry.
I am a newbie, so take my ideas with caution.