I would think that it would be fine. Securing it with rope and or packing tape to make sure it does not pop open would be advisable. I have seen other people use items like this used as luggage SW does limit the size of "free" checked luggage to a max of 62 inches (Height+width+length), and the item is a bit above that so if you run in to a rules stickler when you check in you may be hit with an oversize bag fee. Also if it weighs more than 50 pounds there is an overweight bag fee.
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