It works! I've tried it on several elites, teammates, and myself and it works (almost) every time!
Example:
Your 400m is 55. Your 1600m is 4:30
800m = (6/5)55 + (1/5)4:30
800m = 66 + 54
800m = 2:10
Example: (me)
My 400m is 52. My 1600m is 4:50
800m = (6/5) + (1/5)4:50
800m = 62.4 + 58
800m = 2:00.4. I actually run a 2:01
Seb Coe:
400m = 46.87, Mile = 3:47
800m = (6/5)46.87 + (1/5)3:47.33
800m = 56.244 + 45.466
800m = 1:41.71, His actual time = 1:41.73
Doesn't work quite as well with 400m/800m runners because they have wacky 1600m times, but still quite accurate!
Try it! It should be within 2-3 seconds of your best