This was tried by Sovereign Airlines back in the early eighties with Navaho VH-MNT and Chieftan VH-TMN. The rego's were variations of the then owners name, Trevor Mathews.
Even then it was felt that Bendigo was a little to close to Melbourne for the operation to have any long term viability. It lasted a little under three years before it folded if I remember correctly.
You can drive to Tulla from the middle of Bendigo these days in an easy hour and a half. As DH pilot said, most people for whatever reason, will drive their car. Bendigo - Sydney, Bendigo - Adelaide or Bendigo - to somewhere else, maybe. But Bendigo - Melbourne still isn't going to work.