Yes, that's actually a known attack against CAPTCHAs... they are probably the first to write it up in this way but it's been around for years. Really, that's how I broke the AcuTrust CAPTCHA (converting it into a one dimensional array): http://ha.ckers.org/acutrust/
My attack is slightly different but the idea is very similar. The basic premise to avoiding this is to not allow more than one version of the same CAPTCHA per token.
- RSnake
Gotta love it.
http://ha.ckers.org