The only trouble is that without the shoes there isn't any drag to make the cone lock up. I haven't tried it but is there a chance that the cone won't lock reliably ? I have a feeling a friend did a similar thing but fitted a spring somewhere to keep the cone in contact with the freewheel part.
As I say, haven't tried it but wouldn't want anyone to experience what would be similar to Sturmey Archer gear slip at the wrong moment