Can a monetizing model based on extra lives success in the economic aspect?

A little context.

  • The game is a single player text-based RPG mobile game.
  • The main character can recruit other characters for his/her party.
  • Each character starts with 2 lives.
  • Each time they die in battle, 1 life is lost.
  • When a character runs out of lives, dies for good. It can´t be used any more in that playthrough.
  • Extra lives can be obtained by spending in-game currency. This currency can be obtained while playing without having to pay.
  • But the cost of a 1 life is high.

The idea is to sell to the player in-game currency for real money. With this purchased in-game currency the player can buy extra lives.

Also, 3 lives are the limit the character can have at the same time, so the user can’t purchase a lot of them beforehand.

With enough effort the player can obtain extra lives without paying. He/she can avoid losing a character if plays well. Also, losing a character doesn’t stop the game, it continues.

My question is about if this monetizing model could work in the economic aspect, or it would frustrate/scare away the player.