Not sure I'd go that route.
In theory the idea sounds good, but I see a potential drawback:
The GPU is going to be much hotter than the memory. It would appear to me that you would be spreading the heat from the GPU onto the memory, not so much removing it. Perhaps a separate heatpipe just for the memory? (I suppose it depends on the card and memory layout.)
I have seen some commercial companies that sell heatpipes. No idea on the cost, but in principle it wouldn't be impossible to make one. The idea is basically lowering the pressure inside the pipe to match the boiling point of the liquid inside to the temperature point that you would want it to be most efficient at. I wouldn't say it'd be easy to do, but not impossible either.
As a side I did modify a Zalman Z3100 flower to go on an old Radeon 9500 Pro. Worked great. In fact it's still in use today.