RE: Losing the peep.......
It can definetly work, I know plenty of guys that shoot a kisser w/ no peep sight. Something to keep in mind.....You will be shooting quite a bit to the left...(or maybe right, I can't remember) because you will be looking next to the string, not through it. Nothing that can't be remedied by moving your sight, just something to keep in mind.
I tried it, and just couldn't do it. Even w/ a kisser button I couldn't shoot vertically consistent. If you tilt your head even the slightest little bit, the kisser will still be in the corner of your mouth but it will cause you to hit high/low.......
That may be your answer though......Good luck.