yes I would say it is workable as a one off task, but the SQL installation would need to be identical.

If this is your DR process, when you do upgrades you would have to do both boxes. If you are doing SAN replication this means splitting the replication temporarily.

As you are moving to different physical hardware there will be issues:

Probable decryption errors (there will be an error to this effect on the errorlog), so make sure you have a backup of the service master key, you will need to restore this.

the local accounts created by the install will be orphaned and lose their permissions to the directories. quick fix for this is to give account SQL is running under local admin, else you will have to readd directory permissions and drop and readd accounts in SQL.

If you have reporting services you will need to follow this process

http://support.microsoft.com/kb/842425

If this is to be your DR process I suggest separating user databases to a different drive, replicating only that and using standard DR processes (scripting out and copying) to copy system info. the simpler your installation is the more true that advice is.

Most certainly do a POC to prove it works in your environment, I may not have fully understood your request.