Could it work well enough? The reasons I'd be interested in the prospect personally is:
1. To avoid double paying for expansions that I want to play with my friends and family IRL
2. Still play highly skilled players that can give me a run for my money
3. Test fan cards and variants with little to no limitation coming from a software implementation
4. My family resents when I play computer games, but would discourage less or even encourage a more social, tactile way of playing the game online.
What seems to be immediate issues is messing with the camera, knowing what's going on, and managing a cloned board state with the paper cards on both ends of the line.
One thing is, if the voice quality is good, and skype usually is, you can communicate everything verbally. Everything in the isotropic log can just be said, and then you have an exact accounting of the game. That seems helpful.
Another thing is, you don't need to see the tableau with the camera, so that's nice. Just look at your tableau. The camera doesn't need to show your face either, it can just point at the discard pile (or not, iso style, I'm down for whichever), and the deck, and the play area.
Another issue is the kingdom piles. You have to remove a card from the kingdom pile each time one is purchased so you know when it is empty. If you declare treasures to be infinite, that helps some. They basically are if you play Intrigue rules. You can also just decide for most or all piles to be ones that probably won't run out, and just let them drain normally on both sides of the line, then count the number of copies remaining on both sides of the line and make sure more than ten remain if you get the feeling an unusually large number of Outposts are being purchased
Of course, if you are a point tracker/game state tracker kind of person, like I am, you can actually take this as an opportunity to track the game, by removing your opponent's purchases from the pile and putting them face up in a row, and there's the contents of your opponent's deck and discard pile. You can then count your copy of the supply pile and those cards and surmise how many copies you yourself have of any particular card.
If no one has any experience with this to the tune of "no, it doesn't work, it's terrible, you always get a miscount of the number of cards in the trash pile, and then the game falls apart", then I would be interested in giving this a shot with any interested party. Preferably a 10+ ranked player, but I'm probably a begger that can't be a chooser. I have Base/Hinterlands, so you'd need one of those sets to try this out with me.