I don't know if you can keep doing it, like, more than twice. I haven't experimented with it enough and I no longer have a cube to play on for a couple weeks. but I do know it works at least once =D
the other thing you can do: after you use the jacket, hit a star block [and if the blocks are piled too high, hit the top one with a pkfire, watch all of em in that column disappear, and then you hit the fresh one]...do an uncharged upsmash on that block, dropping ANOTHER hit box. =D I'll have to try this one out more to see if it's infinite or not like it is on people. I can't see why not, but I guess you gotta be perfect.