If you do it...
Extend the ailerons out full span. You'll want the added roll authority.

It will fly. It will lose lateral stability, and require a better pilot than the stock version. The rudder will become MUCH less "effective" (It'll still yaw as much, but won't induce the roll and may induce a pitch down)

I cut the dihedral in half on a Lil' Poke (mini of the same design) and the results were 100% good, 0 % bad. Rudder still has more roll authority than the ailerons... so it needs the dihedral reduced more.

I think that you could also go to 5 ch using the center panel control surfaces for flaps and putting ailerons out in the end panels. Another interresting experiment to try.