That is what I did with 3 of my old beds. It lasts forever, of course, but here are some disadvantages. First, I did not bury the bottom, but you should. That way grass rhizomes will not be able to push in and invade the beds. I suggest burying them 3 inches.
Second, I was going to use no-till in my garden, and it works very well, except that clearing radicchios and their immense taproots takes a lot of digging. With sides that are not so rigid, they bend outward a bit more every year. Third, when I come in with my wheelbarrow full of manure and I dump it into a bed I will occasionally bend a side. The last two problems can be minimized with double runs, as you say, and also by planting stakes on the outside. I used old piping to make the stakes. They help, but I did not put enough of them, and of course they catch the hose all too often. All in all these are fairly minor problems, go ahead and reuse that siding.