I know you can melt Red Licorice.. I did this once and used in a batter of a white cake...
I would think that it would ferment fine but found out that the recipe does use flower so I have no idea if that would effect anything, it would probably just settle out though.
Try melting down 3-4 packs add water and sugar to desired SG and make a test Gallon.. would be interesting to see pics of what happens if you try.