I'm not sure how you'd get the film back in the canister afterwards unless you somehow feed the film into another upside-down canister. I guess you could load/unload in the dark otherwise I don't believe you'd get the number of frames suggested. You'll lose more at the start than with a 35mm camera as you'd have to wind on the length of 220 leader paper. Plus you would lose some at the end if you have to open the back to get at the film. Personally I'd do as David suggests and crop 120/220 film. At least where I live the price is not that much different as 120 film is half the price of 35mm to buy and processing 35mm is 20% more expensive than 120.
Another advantage of cropping is you can crop the top, middle, or bottom of the frame, giving you the equivalent of the rising front and back of a view camera.
And another advantage to cropping in the easel is that to achieve the same left to right dimensions in a "panoramic," you will get 4 extra mm to play with, and extra top and bottom surface area!
(60mm x 70mm vs 24mm x 66mm).