I doubt it would work out... And sadly it's not because I doubt Emma (or any woman, for that matter) has it in her.
We all know how big footballers egos can be. Be it throwing tantrums, playing like they don't give a rat's arse whenever they feel like they're being unfairly treated, editing people out in photos... I could go on and on.
I don't think it would work because you just know there's always going to be some arse in the dressing room who will be against being lead by someone who they find "inferior", whatever and however stupid their reason might be.
I hope it happens some day (be it Hayes or any other woman being appointed as a manager for any club).