Sounds kind of like a dry lube. Seems reasonable.

Why not? I think sometimes people kind of overthink the lube thing. The most important thing is that the lube...well, lubricate. Apply regularly and wipe it as dry as you can after applying (particularly for thicker lubes).

I'd say give it a try and see how it goes. If it starts collecting too much crud or if your drivetrain sounds like death...try something else.