I've done this as a short term contract (freelance). One was 12 timezones different. We found about an hour a day to overlap and tried to be efficient with that time. Most of our communication was async (and naturally would have been for the type of work, even if I was local) so we didn't always need the full time.

It disrupted my sleep cycle, which was tougher than I expected. I'm always up late, but working late is different. The project was exciting, so motivation wasn't an issue.

I'd do it again, for the right project. But I personally wouldn't want to do anything more synchronous than an hour a day.