Dynamo lights work off a similar principle. It extracts energy from pedaling or the wheels spinning to power lights on the bike. You can feel the drag and it's probably about 5w of power. Really not a whole lot. About the same energy you'd save from wearing smooth socks or cleaning the chain for some perspective.

The extra weight required to implement a solution like yours would probably rob the rider of any gains. But in a very theoretical sense it could work if the material weighed an insignificant amount.