Yes it would, whether its a good idea or not I dont know, never done it, do a search on you tube theres a few examples of where folk have a alty turning off a r/c type bldc motor driver, in theory if the driver can provide enough amps then it'll work.
One thing about r/c type bldc motor drivers, I'm not an expert but the ones I've seen are 3 wire, this means that either they use armature coil feedback or are open loop type drivers, as I understand it the most efficient drivers use positional feedback like hall effect switches, these are used on pushbike motor hubs, at least the ones I've looked at.
If you were powering the cycle from an engine then the alty generator/motor idea might be worth a try (I've recently seen a pushbike on ebay that had the chinese hub motors front and rear and they were powered by a 2 stroke petrol engine hidden on the back rack), and it'd probably work with one per wheel, youre right though its not efficient, not only is power wasted genrating the fields (you can replace the field winding with magnets), I've a suspicion that at low speeds efficiency will not be good as alty's only output high currents at high speed so its logical to assume the reverse.
To be honest seriously think about saving a whole load of hassle and get the chinese wheel hub motor, they are made for the purpose, you can even get them that have regen braking.