Yep. Players with high technique can, of course, do this move. I myself have done several bicycle kicks, but none of them went inside... some went on the boosts while others flew flyhigh...
And yes, you can do this move in both mid and high crosses. I've tried using :L1: + :triangle: and then perform this move by using :R1: / :R2: to position my players face away from goal and then using the :square: button to smash a bicycle kick. This works VERY well in corner kicks, but not against good headers... Just shoot/pass the ball to the far post and make your player volley or bicycle it to the back of the net. It's hard, but it's possible, obviously.
Good luck.