I don't see why you couldn't do that. It should work just fine. Just keep in mind
1) Spell List Skill Bonus = rank bonus for list, plus stats -- treat it just like any other skill
2) Allow casting above one's level, but use either the Class IV spell rules from EA#3 or the ESF overcasting rules from Spell Law (which one you use depends on how far above their level you want to allow them to cast.
3) Understand that this is not really tested, so you may come up with some glitches (be sure to warn players as well).