It's unusual. I think it might come across as a bit too polite or deferent.
The latter bit, I'd say it depends on how deeply you're bowing, since... well, in most western cultures, people just don't. Bow. Ever. About the best you're going to get is
mocking, since nowadays that sort of behavior is generally seen as effectively overacting. Since it doesn't happen outside of theater or maybe
incredibly formal situations 99% of the population will never encounter.
A nod/head incline/bow!light is less out there. Do that myself, sometimes, when I don't feel like talking but some sort of acknowledgement is required. But waist movement is basically right out.
That said, kal should roll with it, see if they can't make it work, catch on a little. I'd bloody well love for it to replace handshakes and crap.
All that goes out the window for other cultures, though. Can't say anything about those.
---
... in other news, people were talking outside a few moments ago. It is 1 AM, in a rural town where there is no night scene and even the drunks are usually home before now. Who are you, people, why the hell are you talking within hearing distance of the window, and am I going to need to go get a gun?
Actually, don't answer those questions. Just. Just shut up and go away. Which you seem to have, so whatever.