Well, it has terrible, <50% efficiency, and it would be hot. But these have NTC characteristics, so they would self regulate the current if it gets hot. In theory. I actually designed this, as a solution into something, in a very similar application: Tickle charging lead acid battery. Never got used, so I did not test it though. The thing is, if you are making a one off, or very small production batch, I take the simplest solution. Designing a proper, trusted SEPIC could take days, especially if you have EMI requirements, if you get it right first.