Oh it's possible alright. I've spoken to a friend more driven in rendering and such, and although he said it was interesting, he highly discouraged it, due to the insane render times. However, this is a physically correct way of doing it, without cheating, and the light emitted is pretty damn accurate. I think it's a good way of doing things, since you won't have to cheat your way around using light nodes, or pumping up the final gather and self-illumination of the object just to get a hint of color bleed instead of actual light.