Listen, gonna level with you...
Can it possibly work? Yes, of course. Any system, with enough time, thought and effort, can work.
Will it work? No. I hope I'm wrong, but the answer is no. The last time Bethesda did something like this, it was Skyrim, and I've already explained the effect this had. Perk trees made characters feel same-y, Perks providing damage and other such effects (defense) slowed down actual perk progression, etc etc. Bethesda has given us no such reason to trust that this move was done for the sake of efficiency. They've given us every example and reason to believe this is streamlining, and no, you will NOT see perks doing the job that skills once did.
Oblivion to Skyrim did not see Skyrim flawlessly adopting the job of skills and attributes via perks. Instead, things like the Luck and Speed attributes were axed completely (or at best case you can argue Luck became a "perk," but a perk that absolutely neccesitated a specific race be chosen, meaning you either had "the luck perk" or you did not, with no varying degrees of luck between), Willpower saw a strange, sloppy transition where it became an enchantment, skills became "20% cooler" perks when simply not having those perks and instead treating skills as the system to make your stats "20% cooler" would've been more efficient (the same damage variance would've existed, the same character progression would've existed, but the 20% cooler perks would've not disrupted the other perks which functioned far more like perks), and the entire thing was a giant mess.
FO3 was Bethesda's first Fallout.
FO:NV said a fantastic example about what Fallout should look like, and what RPGs in general are about.
Skyrim was a fantastic example of streamlined gaming in today's day and age.
Now we have FO4. Everyone anxiously awaited this to see if FO4 would resemble FO3, FO:NV or Skyrim. We have been given no reason to believe this is anything but Skyrim. This resembles Skyrim. This is exactly how they handled Skyrim.
The system will not be smooth, the skills will not be accounted for. I promise you now: Speech as a skill is basically dead, and lockpicking is gonna be pretty funky (if it exists). That's all there is to this, sadly...