I think in theory it seems like a good idea but in practice it wouldn't work great. It would take a specific type of player personality to be able to pull it off and I don't there would be very many ex-players that would fit that bill.
Tony Dungy played all of one or maybe two seasons with the Steelers, didn't make it, went on to be a phenomenal head coach
Part of it I think is that he didn't play a Hall of Fame type career and jumped over to coaching quickly.
John Madden went on a similar path, in fact after college he never got to play an NFL down
I can see a person who maybe played 2-3 seasons in the NFL but was not a front line player and would not have as much bias built into them over a longer career
Trying to convert Kurt Warner to head referee as an example, not the best idea