This breaks for spacing between non-whitespace character. E.g. the list of flags, which may have varying lengths, but all descriptions start on the same alignment.
This is a man page with a list of flags below
--flag1 Description of flag1
--secondflag Description of secondflag
If we naively replaced the above with 4spaces=1tab we'd get the whitespace between flag1 and its description replaced with two tabs, and we'd get the whitespace between secondflag and its description left as a string of three space characters.
I have no idea what is actually used in man pages for alignment and spacing, but the example above is only to illustrate that 4space=1tab breaks even on trivial examples as a conversion rule.
That does not matter for single dash and letter options. For double dash long options I like to split them on different lines so that you still have a lot of horizontal space for the descriptions themselves even with very ling option names, so a brute force way:
This is a man page with a list of
.I flags
below
.P
.BR --flag :
.RS
Description of flag1
.RE
.P
.BR --secondflag :
.RS
Description of secondflag
.RE
.P
People would need to use tabs (gasp) instead of spaces for that :-P