I guess it would work, but I think the wrap may keep unwinding after you started peeling (if it doesent fit in the hole...heh heh). Also it would look pretty terrible with big fat strings wrapped round the posts, which could possibly cause tuning issues maybe? I suppose theres nothing to lose by trying, but strings arent that expensive really, and you could sell the 34" on Ebay.
The silk (its silk not nylon

) doesent serve much of a purpose, its supposed to stop the posts/saddles getting scratched, but I think its for show mainly. Many string makers dont use it at all.