It's certainly worth a shot. If planned correctly and with a mature, understanding crowd, I could see it as being loads of fun.
To make the games realistic, perhaps you could create a list of objectives that must be completed so as to damage enemy 'supply lines' or such to choke their forces up and prevent them from easily putting reinforcments into the field, affect the equipment they are armed with, the intel they are provided with, and the training/experience their men have. If you really wanted to get hardcore, you could even have the team with the higher casualties resort to using even older/younger 'troops' as they slowly deplete their population.
Also, key points that must be occupied by friendly troops in order to expand your 'country's' territory might be an idea and you could create a map to show the territory lines of each 'country'.
The team with more territories could start off the game with more advantages. If you really wanted to go in depth, you could explain why a certain territory is important to hold, what advantages would come from holding it, and what 'real' advantages it gives the team occupying it.
Just a few simple ideas off the top of my head.