Yup, I did it. I actually got mobilized, but had a torn ACL so I couldn't go. It was a good wake up call for me, so I moved to the IRR (as a LCDR). I got points through correspondence courses--you have to slog through them, but I actually found it much nicer than heading to the drill site once a month. I eventually got into funeral honors (which pays, which is nice), and became a Blue & Gold Officer for the USNA (which doesn't pay, but is pretty flexible).
The problem you'll run into is when it comes to promotion time. I'm sure with no fitreps as an O-4, I'll be top of the pack. If you want or need to get promoted to get your 20 years in, I would hide out in the IRR for a year or so, but then go into the Voluntary Training Unit. Unless there's a nuclear war, you won't get mobilized in the VTU, and you'll get fitreps and will be more competitive at the board.
BTW, in my many, many calls to BUPERS, they almost always told me in some way that "the days of hiding out in the IRR and getting your 20 are over...what is it, can't you make body fat, or run?"
Good luck, and post or PM if you have any other questions.