It doesn't work because Wizards basically says in the
GSL that they can shut your company out any time they want, for no reason, and that you have to immediately destroy all your unsold backstock, and you can't republish your material under the
OGL, and that if you sue them, or they sue you, you have to pay their legal costs regardless of whether or not they're totally in the wrong.
In essence, the
GSL says, 'you can come along for the
4E ride, but if you do, and we decide later for any reason to destroy your company, you're toast'.
So it's a really bad idea to piss off Hasbro if you're doing
4E.
Ken