My first thought about that is a problem around how hashes gets passed around. When you add something to IPFS, it "provides" the resulting hash to the DHT (the submission article goes more into this), so other nodes know how to get it. If you then use the same hash for encrypting the content, it's basically as worth as using no key, as other nodes already know the hash because your node told them about it.
So, lets not provide the hash when you add it then? But then the whole content-discovery part falls apart, how are nodes supposed to find the content if no one knows who has what hash?
In the end, it sounds like a simple idea, but I'm not sure it'd provide value on a public network like IPFS.