Will it be weaker than phenolic, or metal? Yes. Has it been done many times with great results? Yes. They play good, piloted, or flat faced.
I say if that's what you want, go for it.:thumbup:
I don't think there's a structural reason. Cosmetically, it may be tougher to match collars for extra shafts later down the line, so extra collars up front if you can.
I've done them for years with phenolic sleeves and they play great without as much threat of splitting. Snakewood and bloodwood are both potential splitters. Whenever I sleeved a wood I always did 2 or more inches so extra collars were available. It sure expanded the color palate from black, white and natural.
Sure they are weaker than phenolic would be. But most of the time they hold up. Rotate the grain so you don't have the two woods grain lined up. That way if the joint ever splits it would not split the forearm with it.