I was thinking that could be a very effective bass fly with the right colors and size. If fact it is very close to many bass jigs with reversed skirts like this http://bassincitytackle.com/catalog/...p_image&pID=10
Tie dumbbell eyes on top so it rides hook up and the rest the way you have it (maybe on a #2 or larger hook), and it becomes a potentially killer bass fly.