Paul, a couple of months ago I pondered the same question.
Like already stated it will definitely work, and is fairly easy to implement.
For compressed air engines requiring air for the full stroke, it will work very well, but if you want to use steam expansion, the mechanism will be difficult to design and adjust like Bob said.
One thing that put me off using this type of valve gear was the noise it would kick up in operation; a constant Click-Click because of the impact each time the valve gear gets engaged to be switched, as well as the associated wear on the components; I actually thought of using some rubber padding to eliminate this additional noise and wear. I like to just hear the engines chuf-chuf
The other was trying to reverse the engine. The gear would work well if you started the engine by a turn of the flywheel in the direction you wanted it to go, but switching while running will be precarious.
Bogs is spot-on, as always; if you want something unique, go for it!
Bob's suggestion of using Joy gear to get away from using an eccentric is also good.
If you get
Charles Dockstader's "Valve Gear" program, there's a myriad of valve gears in there - I happen to like the Hackworth because of it's simplicity - though slightly faulted.
Pat, you were posting while I was getting some facts straight ;D
Regards, Arnold