Most of the letters are readable. However, 'P' looks exactly like what I'd expect 'E' to look like.
This presents a problem.
This presents a problem.
But all this said, millions coped with "blackletter" for hundreds of years. Check out the caps: http://www.identifont.com/samples/monotype-imaging/LucidaBla... (especially N, P, Y and G - and T and C look almost identical).