It might work, but IMO, very dangerous. That much oil and we know how brittle cast iron is, if it 'explodes'/breaks violently in that oil, the oil will go flying.
Personally, I wouldn't try it, but if you do it, let us know. It would be an expensive way of doing it. Also Lodge sprays their coating on their items and they could do the submersion method, it was a practical way of doing the seasoning.