This doesn't work, because class mappings are added to configuration after AfterMapClass is invoked. That means that when AfterMapClass is raised, cfg.ClassMappings does not contain mapping definition for the class yet - I just tried it. My code looks like this:
var cfg = new Configuration...
var mapper = new ModelMapper();
AddMappingConventions(mapper); //register BeforeMapClass + AfterMapClass event handlers
AddMappingsForAllEntities(mapper); //mapper.Class<>()
var hbmMappings = mapper.CompileMappingForAllExplicitAddedEntities();
cfg.AddDeserializedMapping(hbmMappings, null);