It would, but there is a lot of white in that and I am not sure you would get a lot of "dark" wheels so it might have less impact than a fabric where the colors are more separated.
I am working on a kaleidoscope top right now with a similar design, but a few more colors and it has a lot of "white" wheels. I think it works as I am setting the wheels with solid gray triangles, so I am not going for that gradual shift of color that most OBWs have. I will see if I have a photo to post so you can see what I mean.