It would likely work, but not as effectively as uisng swivels. If you use two barrel swivels then the front fluke is able to move much more. Also, when rigged the two flukes are fairly close together so it looks like two baitfish schooling or if you use a large and small fluke a fish feeding on a smaller fish. The way you have it rigged separates the two baits too much.
Here is how KVD rigs it.
http://www.basspro.com/webapp/wcs/stores/servlet/CFPage?storeId=10151&catalogId=10001&langId=-1&template=video.cfm&cat=Fishing&subCatID=14&connectionSpeed=broadband&videoID=670&startRow=0&videoType=prodcutdemo&option=2&cmid=OLPHVIDEO_670_HIGH
KVD's rig looks awesome... Towards teh end you can see on his hig that he has two different color flukes. I will definetly try this