I know more than a few students who have the same workflow - regularly pulling allnighters, or just being caffeine-fueled stress machines. (It's not usually brilliant work, though...) I can't imagine keeping that crunch going for years though! But if it works, and if it pays off, why not? The panic has been motivating me as well. But unlike you, I need that pressure only to get me going. If I don't feel legitimate pressure I have a hard time starting my day productively. Once I get in a flow, I can just continue working until I get tired.
Yeah, caffeine-fueled all-nighters are not my idea of being in "crunch time". That's just Bad Planning. When I think of giving myself short deadlines, I'm thinking about "oh gosh, can I really get this done in 1 or 2 eight-hour long days?" While also getting a full night's sleep, walking the dog, making and eating food, etc. So it is a sustainably tight schedule that I did keep up for years. (And, in fact, am doing right this moment... I have two big proposals due tomorrow, and a full day's work to get them done. So I'm pretty much right on schedule to have a good, productive, busy, and focused day! :-)