I can't imagine it working. Even as a nut, I'm skeptical-- sure, people have done it, but has it worked out well in the longterm? I'm sure people have made gold frets before, too, but I don't see that as a great idea. Lots of softer materials have been used for nuts, but I wouldn't want to use THOSE either... for example, ivory, bone, and whatever Graph-Tec is made from (not exactly 'graphite' I don't think, despite the name).
In addition to just being brittle and easy to grind down, I can't imagine how you would crown a pearl fret.