I, personally, would not pick it up on my bleed theatrics, too many good skills to train into in the theatrics tree more specialized for a bleed theatrics (like those highlighted by weaw above) but I would definitely pick it up on a defensive / whip / parry theatrics.

But again, to each their own, it's something I love about PoW, you can develop your own build / style, gradually, so hey, best way to figure it out is test it out yourself and see how you like it