the "risk" reasons stated--even though I used to do it on all my dives.
Plus, it sometimes gave me a headache.
However, I do think it helped on my SAC's, as they were very, very low. I do not recall feeling the "need" to breathe due to CO2 buildup, but my "skipping" was less of an intermittent breath-hold technique than it was a "stutter breath". To do it effectively, you do have to be very relaxed.
My inhalations were very deep, not shallow, but my exhalations were stuttered (putting your tongue in the roof of your mouth and going "tah-tah-tah-tah" for a long time. There were times that I would have a continuous stream of bubbles from my mouth all the way to the surface from as deep as 60' or more. My actual "skip" between breaths was no more than 3 to 5 seconds.
These days I recognize the danger. I still breath very deeply, but often times focus on my breathing as a form of bouyancy control as much as a way of extending air time. I no longer hold between breaths. I still have a low SAC (despite the fact I weigh, ahem, 250lbs), but not as low as it used to be....
Skip breathing is a bad thing. Don't do it. But, I'm not sure that it would really drive up your SAC. I would think it just exposes you to too much risk.