I just did this on a QR->QF separate bookings from ARN. On the way back obviously denied as QF has the same idiotic policy as BA/AY in this respect.
With BA or AY involved checking in luggage on separate tickets as of 1 Jun 2016 is not going to happen until further notice. It is extremely annoying as it keeps me from booking OW unless certain carriers. *A does this on average better despite no policies either for or against it.
Assuming your flight is in time at 15.15 arrival you have enough time to re-check luggage. However it is a bit tight for my liking to book this on separate tickets [with or without luggage].