It will work, but the caveat is that there's likely to be a lack of primary inductance, and wasted current draw due to core saturation.
IF, you are driving the transformer with a sine wave, and are able to use a higher frequency things get a lot simpler. Iron laminated power transformers will often be most suited to perhaps 10 times their design frequency when used in reverse.
Also, a high magnetising current can often be tuned out by literally just connecting a capacitor across either the primary or secondary, (or combination of both).
There are several factors that govern the choice of this resonating capacitor, but it is often most satisfactory to just decide on a value empirically for any given frequency. A recent example I was involved with had a 6 Volt supply driving the transformer at 600Hz via a bridge output stage, and that needed about 5μF to compensate the magnetising current of the particular transformer being used. YMMV.
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