Actually it would work if properly managed.
Let's take a look on resurrection of Ariana Afghan Airlines. Main driving force - the big demand from western and Gulf people to get into Afghnistan (a lot of business there nowadays) and very limited offer (as far as I know there are only two carriers offering scheduled services to Kabul: Ariana and Azerbajan Airlines). Rates are very resonable to travel on Ariana, but 2 big problems:
1. SCHEDULE. Frankfurt, Moscow and Istanbul just weekly and Dubai is something like 3x week. Very hard to build proper connection.
2. TICKET PURCHASE. It is still impossible to purschase Ariana ticket from travel agency. You should order it and either get it by mail or to purschse it from from their reps. It is really huge problem, especially if you are not originating ex FRA/MOW/IST/DUB or don't have some 2 weeks to sort it out.
And still the planes are full (flown few times). Avoid this mistakes and you will get a reasonably well running airline.