I've done this before, it works decently well. However, the streaming resources get muddied up quite fast. One I set up maybe a year or two ago is filled with broken links. And quality is very inconsistent.
So is it possible? Absolutely. Is it something I'd recommend if you want something consistent and a dependable way to watch? Not really.
I understand the sentiment, but why is this an important separation? The legal department speaks on behalf of Nintendo more than any other branch in the company. It's all a trickle effect from the higher ups and the type of culture they want to develop. As a consumer, whether or not their actions come from legal or product development, it should still reflect on the company as a whole and impact my decisions on what to spend my cash on.
I too have seen the WearOS watch face subscription at some point. At this point, I've made it a personal stance to not use any subscription based models.