You can most definitely test your wcf service using this method. Whether or not its good depends on your point of view. it also depends on whether or not your business implementation is tightly coupled with the .svc code behind.
To do this, you will most likely need to create a service host in a TestInitialize or ClassInitialize and tear it down after your test are run.
You can see more about self hosting here http://msdn.microsoft.com/en-us/library/ms731758.aspx
Should also note that how well this method works is dependent on the environment that the unit test is run. It works great from a local machine, but requires admin permissions. Because of this, using this method seems to be a bad idea in a continuous integration environment.