I did for 20 plus years until I tore both pecs at different times. Now I use a 1 and 1/2 " pad on my chest and stop there.
If you study most powerlifters doing a bench you will see that because of their build or the way they arch or both, that at the bottom position their elbows are at about a 90% angle. When I bench, due to my build and long arms my elbows are well below my shoulders. It has been my experience that many people who suffer pec tears or shoulder problems from benching get them from going too deep or too much stretch.
If you are a competative power lifter you have no choice, but if you aren't, I'm a firm believer in lifting in what I call the effective range of motion. The EFR is the range of motion that brings you results while protecting your joints, muscles and ligaments. I hate to sound like the old guy, but after you have been lifting for 34 years, you will want those joints healthy and pain free when you get older.