Interfacing Inventory Expense item to Fixed Assets

HI Gurus,

       I've below requirement:

                    1. Fixed Assets need to be present in Inventory for tracking and reporting purpose. These would not be valued in Inventory but in FA.

                    2. Asset would be depreciated and  transacted in FA as any other normal asset.

     Can I adopt below approach:

                    1. Create Inventory Item which is not costed and tracked as asset.

                     2. Create an Inventory expense sub-inventory with an asset clearing account linked to asset category.

                     3. Raise PO and receive into expense sub-inventory.Match Invoice and then do mass addition.

                     4. Reduce Inventory balance using misc receipt.

Is this approach ok, if no what could  be the issues.