Borrowing of Previously Translated Strings by Child Plugin

Technically, this is possible. Just make sure to use your strings after the parent plugin has loaded its language file.

In terms of maintainability, this is not optimal. Your create a very strond dependency here: each time the parent plugin changes a string (adding a dot, removing a white space), you have to change your strings too.

I would do this only to save a lot of memory (1 MB or more) and when I knew the developer for the parent plugin creates really useful commits. Otherwise, you might miss some changes.

And Marko points out one important aspect: You need a tool for the pot files, that creates these files based on the text domain, or you wouldn’t save much. Codestyling Localization can do that, but it has other issues. I am not aware of a really good solution here.

Related: Can I leave off plugin textdomain for terms used in core?