I won't lie- I have lost my temper and done this before, in situations like the one you described. People are waiting on you, your horse is being a brat, you're feeling frustrated, and bam- yank the bit, kick him hard in the sides. It gets their attention alright, but that's about it.
It is not an acceptable way of disciplining, in my book- it's confusing, it's hurtful, and not necessary. But if you just got caught up in the moment and it happened, like the situation was for me whenever I did it, learn from it and move on. You just have to realize that it's more important to keep a bunch of people waiting for you, or stay behind, to catch your breath and do the right thing with your horse in the long run than it is to let them rush you into doing something like this.
If you have long enough reins, you can pick them up and smack their butt or their shoulders. I think this is a better alternative because then you can keep the horse from tossing their head up with the other hand, and you're not going to give them mixed signals or potentially lose their sensitivity to the bit.