Certainly, It seems to be OK, the number of transmitted packets by my rough calculation, make sense, I would be interested to see what the realistic practical throughput of multicast on wireless is when you have many hosts transmitting at once, I know in 802.11b multicast is transmitted at "basic rate" of 1 or 2 mbit (or so I beleive), I'm not sure if 802.11g changes this.
My generally quick gut feeling is "I think this would work" (on wireless), I have no doubt this is fine on a wired network.
More testing to be done...