I think it is.
Glide toss toward the opponent, U-throw the banana up, grab, D-throw into the banana as it comes down. Doesn't always works, but sometimes does (especially at low percent).
Another thing is that it allows you to retreat, glide toss away from opponent, U-throw, then you have a few moments while the banana is in the air to get some breathing room (because the opponent is worrying about the banana). In that time, throw another banana, or shoot a peanut, whatever suites you. Or, glide toss toward them, u throw, try and hit them with a tilt or dash attack, if it doesn't work, then retreat back to where the banana will fall, catch it, and then repeat/throw it at them/whatever. U-thrown bananas are often a huge annoyance to the opponent.