wireless
It is plausible but the results will not be satisfactory. If you are looking to make this for educational value or amusement out of a kit, it will be OK, but it is unlikely to give you value in a gigging situation. If you have the ken to deal with transmission electronics, it would not be economical to make a gig worthy system at this point. In any case, if you make one, watch the frequency response, the mic kits out there usually fall off at 70 hz, or even higher. It would be useless for bass but would be OK for guitar.