Yep, I close loop transfer a lot (mostly with my 10 gallon lagers, but also with ales that are in the right fermenter). I mounted a cornie "gas in" keg post on the top lid of many fermenters, so I first fill the keg with sanitizer, proceed to purge receiving kegs with CO2 pushing out all sanitizer, then I use the CO2 pressure in the keg to purge the receiving line and CO2 line, then I hook up a receiving line from the fermenter spigot to the keg out post and a CO2 line from the keg in post to the fermenter lid in post. I can also pressurize the fermenter slightly by first hooking up a CO2 tank line to the fermenter lid, if I want to transfer the fermented beer at a quicker rate if I need to do that, but I rarely find the need to go that route.
I use the fermenter lid posts as blow off tubes during fermentation (I typically use 7 gallon SS Brew Tech fermenters for ales and 14 gallon Chapman SS fermenters for lagers).
Just one way to do it.