I agree, pine needles compost just fine, although they do take a bit longer than grass clippings or shredded leaves.
I think most people's concern about this is due to the very dry environment, under a lone pine tree planted in a lawn, that inhibits decomposition. You see a thick bed of pine needles, under a dense pine tree
canopy, that appears to be unchanging and just staying there, and it leads to thinking that they don't break down easily. If you look at a more diverse environment of mixed deciduous and evergreen trees, where the pines are competing and branches aren't as dense to shed the
water, you'll note that the needles decompose almost as readily as normal leaves. We compost the extra needles that we don't use for mulch. I don't try to compost quickly, we just leave the piles for a year turning them over occasionally. I don't know how well they would fast compost using the method you described, you'd just have to try it and see. Experimentation and personal
experience is always helpful, as climate, conditions, and composting flora/fauna differ from region to region.
Oh, and yes, the needles do make an awesome mulch, too. Our (acid loving) blueberries absolutely thrive in a thick bed of pine needle mulch, even though out heavy clay soil is not really to their liking.