it only works if the republics tow the party line.. if Yeltsin goes along with it then yes.. it works.. for how long? good question.. but no reason why it wouldnt work.. if the military and Russia proper are on board little would stop them short of whole sale revolution.
Russia was in need of change .. one way or the other.. Many were afraid that gorbachev was going to fast in his plans for change, turning russia into a second rate power, when in fact Russia was doing that to itself, not gorbachev..
What you would get is a new vote in the politburo, the election of a new President and General Secretary, a crack down on freedom of speech, and other reforms resulting in a chilling of relations with the west.
In the mean time the underlying social and economic problems are not being addressed or are slowly being addressed. at some point the USSR is going to have to pull some sort of a socialist capitalist make over, more then likely in the natrual gas/oil export business which will prop up the nation as it did IOTL.
If the union doesnt disolve then the USSR may be on better ground as Ukraine is still integral part of Union