Well, yes it worked in the past for me.
There were a few issues with transparent/shoot through element components.
Like the watch towers in area69. Those banister were blocking the line, while the arguments were set correctly. Not sure if they fixed that by now.
@majqq
I can send you another script, which was an experimental serverside bullet detection. It does use processLineOfSight, but not for player hit detection. Just mapping the end point of the bullet. Instead it compares the bone position of the ped VS the line. Which means you can also hit feed and hands (which normally does not have collision). Do you want to take a look at that for inspiration or use it like it is? (the code is a monstrosity by the way... sorry )