Yes it is viable, however it may depend on the playstyle and template you chose.
I have a home on Siege, however I pretty much live out of my bank box, on all 3 of my characters. (And I used to do it when I only had 1).
When I only had 1 character, it was my main, an assassin. I had a home, however it was located near safe haven (brit crossroads) which is a 5 min run from any moongate, and without the ability to gate I rarely ever used my home. I never sold it for another one as it is grandfathered. The home was purely used as storage for all the crappy gifts they give out.
I always kept my single blessed weapon, and pvp consumables in my bank box and that was it. Armour, bandages, empty bottles, potion kegs, jewelry, and a few assorted weapons for pvm and that was it. If you die or run out of kegs or any supplies, I always knew where I could buy a new set of armour and be ready to go in 2-3 minutes if needed. Only thing that was hard to come across was HCI jewelry sometimes.
Also, if you join a guild or make friends, they'll usually have storage available to you, so yes I believe it is viable.
It might be tougher for say a necro mage or other templates that need more pvp consumables and items for different types of hunts. I rarely pvm'd.
