Don't know about steeping, but sounds like Juice abuse to me, good way to loose some juice and make a mess though.
I use a warm water bath when mixing me juice. Pour warm tap water over the outside of the flask while stirring/mixing.
Helps thing out the VG when warm, everything blends together faster, seems to help with the flavor development. Will usually repeat once or twice, before bottling the new juice.
Steeping is not what's going on, well blended and emulsified juice, and some flavor development sure, but steeping is a term thrown around to cover up the fact that the juice is crap. lol

It either taste good from the start, or it doesn't. Once subjected to the air, then oxidation begins, and some flavors can become more pronounced and develop, but steeping? no. Internet legend.
Vape long and Prosper.!!!