The few times I've been forced to record drums in stereo (or even with a single mic over top of the kit) I've managed convincing results using the filters in kt_drumtrigger to process only the low end frequencies (to sample replace the kick) and then another peaking filter somewhere in the midrange to replace the snare. After rendering the samples and aligning them to account for latency the results are fairly convincing. Slap a compressor on the Drum buss for some glue and plow onward.
The biggest problem I think you'll have is eliminating the inherent "boxiness" that comes from what essentially amounts to using only room mics. This can be EQed out and depending on your room it might not even be an issue.
This sounds interesting, hadn´t thought about it. When you´ve done this, have you done two overheads like you normally would record a drumkit, or done something special like recorderman method?