Well considering that the het reds and the red axanthic are lighter and brighter and have a lot of back blushing, I'm sure the outcome would be nice. I would be concerned about just how much it would eventually brown out though. The question is, would it, or wouldn't it..
To make what you're thinking of and have it retain the color you want, I'd go a step further and add the hypo gene. Imagine a true ghost red axanthic. It would take forever to make but I bet it would look nice. It would be more silver and grey but wow!