I think it could work if you’re selective about the clients you take on. This would be something where the burden would come upon you to pick the right clients though, and not just take every event request that comes up. I actually do something like this for a good friend of mine who has me do some photgraphy work for his comedy group every couple months. I’ve never given him a price that I want for the work. I’ve actually told him on more than one occasion that he doesn’t need to pay me. Even so, he’s always paid me a fair compensation. That said, I’m NOT a professional. It’s a hobby for me, and I don’t really need to make money from this to survive. I’d never do business like that if photography were my primary source of income. There would just be too many risks.