Unworkable without societal collapse happening shortly thereafter. Iran is politically stable through massive authoritarianism and oppression, not due to limitations on the internet (it's not turned off).
> We can (see China); we chose not to.
It's a catch-22. We could technically if our population supported massive reductions of freedom and freedom of speech, but to gain that support we'd need to do the latter first to get to a highly powerful widely supported government. It also hinges very, very much on having and trusting a generally benevolent government. All in all, a terrible option in your simplistic form.