We had put this together as a POC a few years ago, EMC SAN, bit replication. It worked exactly as expected. What did not work was the RTO. The manual steps to bring the server on-line, change the cnames, and so forth took longer than the RTO.
The key here is to test it.
Not sure what version of SQL you are using, but mirroring was introduced in SQL 2008, and availability groups were introduced in 2012. These may provide you with a better RTO, and easier management of the process.