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Isn't this what Epic is for?
If you want to do it with standard 40k, each player would probably need to use units from Forgeworld. The reason is that some armies, mostly Imperial Guard, have a tremendous advantage at really long range fire-fights. Many of the Forgeworld units have larger, longer range variants of existing weapons, providing at least the possibility of balance.
Otherwise, I think it could potentially work. You'd probably be playing multiple detachments and perhaps some specially created missions, though.
I was thinking of a more Tactical game, with either infinite turns or a high number, and using forts, 'super' bunkers ect ect, Mainly because that type of battle is hard to come by, in normal games you can't wait out the enemy, can't hold a defensible position like a gate due to small bored sizes ect ect.