The destination may be an issue (security levels) .. but in general AA > BA interline luggage is fine.
I arrived LHR at like 10am on AA and had an 8pm departure on BA .. checked luggage thru and entered the UK (they look a bit funny at immigration when you say you are coming there for the day) took the HEX train to town .. had lunch .. took the train back to LHR .. had a shower in the BA lounge and took my flight. YUP the luggage made the long connection all right.