Can bindweed be used as a cover crop?

I live in southern Utah. I have a TON of bindweed (morning glory) in my yard. I don't use chemicals, so it pretty much does what it wants. I pulled it out of my raised beds and around the tomatoes & peppers by hand last year, but let it go between the beds and in the paths.
One day I stepped in a big patch of it, and a half a dozen spiders crawled up my leg. I then understood why we had ZERO insect problems in the garden. I also noticed that the soil beneath the matted vines was cool, moist, and rich, as opposed to the clearer areas where the sun had parched the soil.
So I already understand that this so-called noxious weed has its uses in protecting the soil and in housing beneficial spiders. Now I have been reading about the value of deep-rooted cover crops. Apparently, certain crops and even weeds are desirable in the garden as a way to "mine" for nutrients deep in the soil.
My question is: Would bindweed work as a cover crop? Does anyone know if it "mines" the soil to bring the nutrients to the top, or if it simply robs the soil of nutrients? I can't find any information on this weed other than how terrible it is. I know that some no-till farmers are favorable toward certain deep-rooted weeds, but I have never seen bindweed mentioned, so I don't know if no-till farmers would recommend keeping it around.
If anyone has any information on how bindweed affects the soil, I'd appreciate it. It seems that its only problem is that it grows so much and spreads; I haven't heard anything about it robbing the soil of nutrients. For what it's worth, last summer was my first attempt at no-till gardening, and I had the best yield ever, so I am inclined to think that bindweed doesn't do any real harm, but I'd like some other opinions and information if it exists. --Suzanne
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have a squiz at http://oregonbd.org/Class/accum.htm & see if it helps
rob
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