Does it seem like a halfway decent idea? Yes. Would I wear one? No, but I certainly got a good laugh out of looking at the website for the product.
I'm talking about Beardo, a toque with a detachable beard. I won't deny the item's practical value in the cold, but there's a big hurdle in the form of how one would look in it. How could you not laugh at someone sporting one of these?
Still, there's enough of a worthwhile idea here that the developer might find success. Get the right celebrity to don one of these and who knows?
My suggestion: make a red hat with a white beard--a Santa Beardo--available. Seems like a can't miss prospect to me.