Go for it. Not sure of the dynamic range, overload from AM BC, rejection of adjacent QSO's , etc. compared to a a DDC SDR using say an LTC2208 (16 bit, or even a lesser 14 bit chip) but you'll have fun finding out. Also what's the noise figure of your Chinese oscillator?
Guess it won't matter much for normal 40 meter receiving of the boys on 7200
and you probably will want to lash up a buffer stage on the IQ outputs on the way to your sound card. A decent sound card might get you to 192kHz bandwidth. LP-pan has recommended cards listed.