As long as you also have enough tact to be able to resist the urge to tell your boss that their idea sucks and why (and be right) this can work.

I can sympathize. That's pretty much how I've saw a 'team leader' (manager in everything but title and salary...) end up leading a business meeting with a VP, a couple of directors and I don't know how many managers in it. The project manager was delighted. Naturally, the effective team leader was laid off three months later...

Congratulations to your team.