Yeah, if you have a huge amount of trust between player and DM that can work. There are both in-game and out-of-game ways to manage issues if they arise: in-game a DM can always limit or restrict something after the fact, out-of-game a problem can spark a conversation and ultimately a D&D game is a set of people who voluntarily get together and play.

(That said, another approach is to have a conversation about "what are you trying to achieve", and find a way for everyone to have the fun they'd like to have without risking something game-breaking.)