Probably work OK. The thing that the planer does is index off the back of the board, so it comes out at a consistent thickness. You *may* get that result with the router table assuming the boards start essentially the same thickness, but some variation wouldn't surprise me. Run a couple of pieces through (both sides, for flattening and to remove the varnish) and then take your dial calipers and see if they are consistent. Remember that you need to set the infeed side of your fence back the depth of your cut and the outfeed side exactly even with the bit. What you will have created is a small diameter jointer, which, if used carefully, could give you good enough results.
Like I say, run a couple of boards and see. If they don't come out good you are no worse off than when you started.
Tim Douglass