Heidi, I'm not sure .. if it's translucent it should work. Maybe try it over a scrap before you spend an hour coloring and then obscure it with embossing powder! I know I did this technique years ago in a Stampin Up class with one of their powders.
I added an embossing powder to my wish list today (not for this technique). I watched a Jennifer McGuire video. She used Hero Arts satin pearl EP, she said it picks up the color of the ink underneath, and has a pearl finish. She stamped with a light blue ink, then Versamark, then used the EP. Sounds cool, but then I'm liable to buy it, add it to stash, and then forget what it does!