Sure it can work, but would it be preferable if it no longer was as good as a unit of account?
I like proof-of-stake coins, but I liken them more to shares of a company. I see DPOS systems similarly and it has a great system of getting more distributed over time as more stakeholders get involved. Can these coins eventually be used as money? Perhaps. A lot of it might depend on how people feel about using these coins as a unit of account.
Also distribution is always a difficult issue with POS ecosystems compared to POW systems, but that's another topic to discuss.
We'll see what the free market thinks!
Thanks for your answer, it's really interesting to ponder these "what if" scenarios.