I see no reason why it wouldn't work. Although if you make your incrementals hourly, then you'll probably want to make you full backups more regular too (maybe weekly? or every few days?). Otherwise your restore chain will be way too long for my liking...

However you may be able to optimise TKLBAM for your usage scenario. AFAIK TKLBAM does a MySQL dump of your whole DB, so if it is particularly large then that may not be ideal as each will include the whole DB every hour. If you are keeping a lot of backups that will add up quite quickly. You could tweak this with a tklbam hook scripts.

I haven't tried it myself; but I would be inclined to have 2 separate TKLBAM configs. Configure the full backup to skip the full DB backup and create a pre-backup hook to do a full DB dump to a file location that is backed up. You will also want to create a post-restore hooks to load your mysql dump back into the DB.

For the incremental backups I would start with a similar config (skip backing up the DB). And again have a pre-backup hook that does a full DB dump; but instead of just keeping that, it runs a diff between the full backup sql dump and the latest dump. And then delete the latest full backup so you are just left with the original full backup DB dump and your latest diff. Again you'll need to also create a post-restore hook to patch the full backup DB dump and restore it...