No, that would not work at all.
>Any other type of item may be held, but Potions, Revives, herbal medicine, status condition healing items, Ethers, Vitamins, Rare Candies, TMs, evolutionary stones (except the Everstone), Fossils, Repels, escape items, battle items, valuable items, exchangeable items, Apricorns, Mulch, Flutes, and Wings have no effect apart from use via Fling. - Bulbapedia
Imagine how simple the game would be with this. Game Freak aren't going to make the game that easy.