The problem with this, from a religious standpoint, is that the Reformation was the result of a long development of Western European thought that the Eastern Orthodox world had never really participated in.
Doctrines like Sola Scriptura (by Scripture alone), the idea that something has to be in the Bible for it to be a Christian belief, really only developed as a result of the desire to return "ad fontes" (to the [original] sources), with scholars and clerics working from the original Greek and Hebrew texts of various books of the Bible as opposed to the Vulgate and rediscovering Aristotle and Plato (on his own terms I mean, the Plato of the Middle Ages was really more Plotinus). In the East this movement never occurred because many of these texts had always been in circulation.
It's also worth noting that the Orthodox have a very different view of Scripture than many Western Christians, seeing it as divinely inspired but not separable from Sacred Tradition as found in the writings of the Church Fathers and as something which mainly has value for the Church in a liturgical context. This would make the Protestant approach to Scripture seem quite foreign to them.
The rejection of imagery in much of Protestantism would have also been a non-starter for many Orthodox, as they have a very robust theology of sacred images that is considered a cornerstone of the faith since it was mostly codified in the Seventh Ecumenical Council.
Indulgences? The Orthodox don't really believe in Purgatory, and those that are willing to say they do would never talk about it in the way where they would consider a practice like selling indulgences.
Rejection of the Pope as head of the Church? See 1054.
No Transubstantiation? Well again, the Orthodox don't really talk about Communion like that, but the main Fathers of the Orthodox Church are loud and clear that the body and blood of Christ is being consumed.
EDIT: Liturgy in the vernacular? Already standard practice in much of the Orthodox world.
Overall, Protestantism is a Western European phenomenon that doesn't really make much sense outside of that context. Your best bet would either be to have an Orthodox monarch fostered in the West and then try to impose Protestantism on his country, but such a move would leave him open to attacks by political rivals who could claim he's "gone over to the Franks" or has become too foreign to rule his people well. Historically, the closest thing we ever got were small communities of (either Chalcedonian or non-Chalcedonian) Orthodox convert as a result of imperialism in their homeland by a Protestant power, which happened with some communities of Copts and Indian Christians in the British Empire.