It should work just fine -- but how are you going to hold the layers together once you've birthed it?
Trying to quilt things after being put together like that can be difficult, the fabric squishes and moves but has no where to go since the sides are all sewn. It can be easier to let it squish and move while quilting down, and then squaring it up with a traditional binding around the edge.
You can do ties (with buttons or other methods) or a simple lap or two of stitching maybe 6 inches from each other/the edge.