Yes, one can happily steep turn in the descent, but you knew that. I used to get the jump plane down in a stabilized 2+G spiral the whole way. I kept the power up a bit to prevent shock cooling, but made good time down to save the jump club a bit of cost.
Yes, I used to do exactly the same when meat bombing. The jump master sitting in the open doorway (on the inside of the turn) loved it!