Presumably you would have to leave /tmp world writeable, which means anyone could mount or write a file into /tmp, and still get access that way. While the immutable attribute might be a good tactic, it is 90% uneffective if they are able to write to the drive at all. And for that matter, why not simply serve everything off of CD...
A really secure distro would be CD-based, and the stuff you actually needed to change would be mounted read only and remounted only when you actually needed to change something. Then again, a secure system would be something you'd want to start building yourself, that way you know exactly what packages you've installed.
Still, if it might slow an intruder down, it's a good idea. :)
