It's certainly an interesting attempt, but I don't think it's a very convincing replacement.
I've been toying with building several EM34 replacements. One is relatively simple and involves using a high brightness green LED shining on an opaque EM34 shaped screen. This would just get brighter as the signal strength gets higher. It would probably look more like a conventional magic eye once a station had been tuned in.
Another is a bit more off the wall and involves using an EM34 shaped decatron (I've got several of these in the junk box). The idea is to have a pulse generator linked to the AGC voltage so the decatron display whizzes round faster and faster as the station is tuned in.
I haven't actually built either of these yet
Best regards, Paul