Haven't done it but arrived in ANC yesterday. In theory, judging from the airport layout, yes it could work, but you're putting a lot of hope on getting the bag out quickly enough to run back upstairs and recheck the bag. AA only has the one flight ex-ANC daily, so I'm guessing the counter closes at T-30. Thus you have about 40 minutes (allowing 5 for running upstairs to checkin counter). You could try it, but I certainly wouldn't count on it. And not to cast too many aspersions on your question, but why are you checking bags on a quick turn? I'd certainly see if there was any possible way to not have to check a bag.