FWIW we had an engineer who basically did this, and he was definitely a top performer. Depending on where he was and what the activity he was there for he might work nonstandard hours, but he definitely got shit done.
Director level non-standard hours might be a non-starter, but nothing about the lifestyle demanded it, it was really just about maximizing the time spent skiing or whatever. One could always knock of at 5 and get a few hours in.
Also much easier to ski or hike on the weekend if it's right next door rather than a four hour drive (looking at you I80). Add in potentially having kids growing up around nature and even working standard hours M-F can make the work remote from your preferred environment much more worth it.
