From what I've read, you either buy a mold or make one out of foam, and then after it's fiberglassed, you have to basically destroy the mold, sand your new hull, etc. I'd guess that what you said hasn't been tried before. I just see it as that's not a conventional method, and of course the ways used today are at least supposed to be the simplest so who knows if what you said will work or not. You could give it a try though if you have nothing to lose. If you're thinking of making a flat bottom, I don't think I've ever seen a fiberglass flat bottom hull other than some $20 piece of junk hull at some online store, so it would be cool to see one. If you're going to give it a try, do a small experiment first to see if after the fiberglass dries, it does come apart from the wax paper for sure.
Good luck if you go for it.