Yes this will work!
I actually had this EXACT same idea and filed a US provisional patent on it a few years ago. After filing I started doing some experiments by building it from a new Cannon laser printer and found that I couldn't trick the microprocessor into working so I gave up on the Cannon and went with a new Brother laser printer and found that I could make the microprocessor complete all the steps without a hitch. However, I ran into a problem. I couldn't get the toner to completely release from the transparent film so I stopped working on it. I could have probably got it working by applying an alternating high voltage corona discharge to the film to neutralize the electrostatic charge between the film and the toner, but I had a new idea by that time and started working on that. Also, one other little problem is the semiconductor drums on these wear out and so some work would need to be done to make the drums last longer.
The reason I'm here on this forum is because I needed software that could take care of controlling the printing. At the time Steve, the creator of Creation Workshop and this forum, had just released Creation Workshop and was requesting improvement suggestions for the software. I asked if he could make it control a Windows default printer and he made it so that a print operation could be carried out using a series of image slices. Consequently, thanks to Steve, I could have used the software to run the printer had I solved the toner release problem.