That may work but I know that the main problem with bike tires not sealing on a tubeless setup is air burping out from the sidewalls. If you can find a wide but thin (material wise) strip of rubber that you can stretch over the rim and have it overlap where the bead would lock in it may seal better.
Ghetto Tubeless
Obviously this is for a mountain bike tire so you may have to modify the plans a little bit but it may work. Also a tire sealant may be needed just to work into the smallest of leaks. I know they sell just a bottle of the Stans Tire Sealant at most bike shops/sporting goods stores such as EMS. Its like $10 a bottle or so and one bottle should be plenty.
But good news that style rim you have is the style they have had the most success with getting the ghetto tubeless system to work.