You can, but the frame advancemnet is weak. What you would have to do to abuse one is find a shiny spread that appears on frame 5(their starting frames). Then just use Emloop/Pikatimer to try and hit your delay, and an IV Check code (since you won't be able to tell your seed just by stats) to find your delay. Keep trying to hit your delay until you do, and it should be shiny.
@Tauruta:
1) Yes, since soft reseting restarts the frame at one, and the delay/time will be different.
2) You will use Method K for all wild pokemon. The only time you use Method 1 is for runners (Lati@s, Raikou, Entei) or gift pokemon (starters, Eevee). The Red Gyrados is different, but I don't know how it's created.
@Tauruta:
1) Yes, since soft reseting restarts the frame at one, and the delay/time will be different.
2) You will use Method K for all wild pokemon. The only time you use Method 1 is for runners (Lati@s, Raikou, Entei) or gift pokemon (starters, Eevee). The Red Gyrados is different, but I don't know how it's created.