That certainly might work. If you're looking for cheap though you might be best off buying a big length of green butcher paper. I believe it's fairly cheap and works great.
if you are shooting DV, you should Greenscreen instead of Bluescreen. DV samples green 4 times compaired to the other two colors. 4:1:1 (G,R,B) So you will get a better edge if you shoot it from a greenscreen.
If you have discount / wholesale fabric stores near you go take a peak. I found some near perfect green that was nice and stretched well - $3 a yard and I could stretch it more then 7 feet across on a temp frame.
