It would work if QF introduces a FQTV/FQTS split in their software enabling someone to accrue miles on another FFP and also allowing that person's revenue contribution to the airline be tracked. Thus you could end up as a double sapphire or emerald, eg QF/AA and be able to enter lounges anywhere!
There is no loss to QF in introducing a split system IMHO as you'd still need to contribute a certain level of revenue to the airline in order to gain status. It would in fact benefit the airline in not having accrued points (ie liability) on its books.
Or am I being overly optimistic...