It could work, but only in a carefully thought out design.
I have worked in a fair few studios with these kind of variable acoustic panels, and normally love them. I also think believe John has designed and built a few of them.
Properly designed and built, to suit their intended environment, the system works fantastic. They normally work with a "slatted" fron panel, fixed to a rectangular box, with the inside of the box containing either absorbsion material or resonance panels.
HOWEVER - I would not recommend, neither know of any, commercially available wooden blinds of a size suiteable for this purpose.