I've been thinking about doing something similar. If you'd like to brainstorm on how to make it work let me know.

I think it's possible. Firstly you need to tell people it is different. Secondly drop the email, have the form redirect to their profile. I think you should add a radio button or something that provides the options login/create/lost password. have login be the default.

then show it to someone for usability testing. If it doesn't work make 2 separate forms.