it seems rather.. interesting, at the very least. i think that there are a few possibilities you can work with, but the best way to go about it imo is sub > eq and salac berry > eviolite. you do lose a bit of setup ability, but then again you have a guaranteed set-up on alomomola and other stuff you can force out, like regirock maybe. you also get the salac boost which lets you outrun even scarf rotom-a. even at +6 though, poliwhirl struggles with stuff like amoonguss (it only 2hkoes), carracosta, and other physically defensive grass-types etc.
it's a bit of a gimmicky set, but it's viable in the sense that it's usable, at the very least. you'd really need optimal conditions for it to work properly, though, especially since it has little use outside of trying to grab a set-up opportunity. :(
We came to the conclusion that it could be viable in NU, especially with Paralysis support (though it doesn't need it, 90 base speed is decent). It can come in for free on a good few threats, Samurott being a big one (though I haven't run a Megahorn calc...). The moves allow exceptional power and excellent coverage. Earthquake being on the set purely for Frillish, Substitute and Hypnosis could be used too.