I don't think it would work, I don't see people's obsession with wanting to smoke shrooms. They have full effect if you simply eat them - If you could eat marijuana straight up (without mixing it with fat or alcohol) and get high then I totally wouldn't even smoke it. I'd just eat it plain - in tiny amounts - and get the full body high.
If you want to do something cool, take the shroom dust and get some empty capsules (like for medicines) and fill those up with shroom dust. Fill up like 50 of those capsules, and then market those. You could also try grinding up good shrooms and filling the capsules (use like 500mg capsules) that way you can ration them out better with you and/or your friends. Take 7 capsules to get 3.5g of mushrooms effect, take 4 to get 2 grams, etc.
In my opinion / experiences with mushies, smoking it is a waste though. Good luck!~