The problem I see with this is that it's gonna cause intense motion sickness.
A lot of the playable characters' moves involve them spinning, whether horizontally like a top, horizontally but upside down or multiple rotation somersaults.
The characters can handle these dizzying motions because either they're trained for it or because they're of demonic lineage but for mere humans to try and simulate that through their eyes, it may be too intense.
To get an idea what I meant, try playing Metal Gear Solid 2.
Both Snake and Raiden have melee attacks where they do spin kicks.
If you try to attack in first person view, the spin kick will actually rotate the camera with your character.