As long as you have a complete transaction log history, I'm fairly sure this would work.  If you have the possibility of an accidental delete though, that's your real problem.  I realize that there may be a thousand possible reasons why it has to be setup in a way that allows it, but I would work towards limiting the possibility of an accidental delete.  Lumigent's Log Explorer would be an excellent tool to acquire if you absolutely need to account for an accidental delete.