Lumute: It should work. The only downside I can think of is remembering to log into the correct account to download books.
The way we do this is that I have a Kobo account and my son's Glo also logs into it. My wife has her own account. For shared books, I strip the DRM and use calibre for sideloading. My reading and my son's overlap a lot more, but we don't normally read the same book at the same time. And I usually sideload the epub version and read that.
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