You'd prolly still need a special rim and/or rim tape. If you run your idea too low,it can still come off the bead;tubulars are glued on to prevent this. And you'd need good protection from the spoke nipples,so you'd either need heavy-duty tape or rims with spokes outside the bead(IIRC,this is how BMW got their motorcycles with laced wheels to go tubeless) or some other way to protect the inner tire.

Until they come up with a way to quickly fix tubeless tires,I'll stick with tube setups for street riding.