One of the problems with said method is that "the same place" premise on which this method operates is flawed at its very core; we are moving. Moving faster than we can imagine. Earth spins around its axis. Earth spins around the sun. The solar system is spinning in the galaxy. The galaxy is spinning in the universe. The universe is presumably moving very fast in who knows what... "Here" is moving away from its self faster then we can comprehend.
This leaves time travel with ripping a hole in space/time, or folding the timeline, or any other billion things we discover. So hope for time travel is not lost...
(If you like, you can substitute "teleportation" for "time travel").