Haven't looked into it, but it sounds like it would work similarly (with some nice benefits such as also being able to easily store other metadata/etc). Feasibility would depend on how quickly the indexes and such load, and the resource consumption associated with opening/closing dozens of them at a time 24/7.
In my screwy case there are hundreds of thousands of zip files which are randomly accessed on the fly to grab one or two thumbnails at a time. The random access speed on unloaded files is critical, and for zip files it's extremely quick.