Why would it not work? 1.5mil polyester lamination film is just as strong and quite likely, stronger than any of the 'kotes, ie, monokote, ultracoat, econokote, tower kote, ect. I struggle to see why lamination film alone wouldn't be effective for your needs.
If you want to enhance the strength of the covering, combine the lamination film with a sub-layer of silkspan/doctors office paper or polyspan/dress lining. This will create a very tough composite covering structure.
Most builders don't use this method because it has no color and most guys want colored films. Also, most builders stick with finishing methods that will produce the results that are a known quantity. A 700" plane generally denotes a serious effort and expense, and at this size and complexity, most guys won't build big planes without an accompanying fancy finish. If the quality of the finish is secondary to your needs, then the lamination film is a worthy option. Lamination film can still look cool and slick and provide the necessary protection and strength, but it likely won't ever be a front row 20 point finish if that matters to you.
At this stage in my flying career....I would be fine with a simple lamination film covered wing if the plane flew great and inspired me to fly more aggressively.