Not only is it a possible, if not quite competitive commander
This means that you need to damage characters with Resist +1 with 2 damage, just to do a single point of damage, and characters with Resist +2 with 3 points
There's a variety of Sapphire cards that benefit from an item-heavy deck like this one, and by including them here, you can squeeze some extra value out of them
Jetfire, Ingenious Scientist / Jetfire, Air Guardian Sigh
Tithe Drinker [Vampire]: It was lackluster when it was in standard, and it should be much better in commander since you will likely be able to benefit from Extort more with more mana laying around
Knowing you have no way to really win other than your 3/1 flying Vendilion Clique can be a scary thought