Neat idea. In theory it should be possible and effective if you can get the holes of the right size. However, several concerns/problems:
A) Hoses are plastic and also have pretty thick walls, which might tend to seal up on you. Wort will tend to soak up into these capillaries, dry up and thus clog them all up. And along with this...
B) Not sure how in the hell you'd sanitize this hose! So instead of preventing contamination, you could be CAUSING it.
C) Not sure that the wet cotton balls are really doing much for you besides being a major PITA.
D) Not sure how you'll get the holes of the right size. Plus you might need 100 holes to get this right, I don't know.