Assuming that the obsolete compute modules are of standard size/pinout (or, more likely, that compute chassis are only produced for phones that ship in sufficiently massive volume to assure a supply of board-donors), this scheme would work; but I have to imagine that a phone SoC would make a pretty dreadful compute node: Aside from being a bit feeble, there would be no reason for the interconnect to be anything but abysmal. For efficiency's sake, SoCs tightly integrate all the parts that need to chat at high speed with one another(along with whatever else fits, just to save board space), and only such interfaces as are absolutely necessary are brought out of the package, much less broken out on the board in some sort of civilized connector. In terms of dedicated interfaces you'll have some dubiously appropriate wireless stuff, a USB slave or host/slave interface, and a few GPIOs. The only options with really serious bandwidth or low latency would probably involve creative(and not necessarily possible, depending on the situation) abuse of camera and screen interfaces.
For all those nice, tractable, problems that behave well on loosely coupled nodes, each individually quite feeble, I guess it'll work; but that certainly doesn't include most of the really obnoxious computational crunching problems.