That's how I actually handle phone calls, but generally speaking, for everyday conversations, it's not all that great, especially in noisy environments. Two way phone calls, it's OK, but for person to person interaction face to face? Terrible.
I typically read lips, it's just I can only communicate one on one so a 3 way conversation is far more draining, adding more just forget it.
Perhaps consider talking to your like like an old school google search. ;) Instead of "When was the last time you ate?" you'd say "When Last Ate".
RE: Deaf Awareness Tip of the Day