That worked in 2001. Wiggins could catch but not block. Rutledge could block but not catch to save his butt. Depending on who was in, Rutledge or Wiggins, it kinda telegraphed run or pass. The only way it worked was that with Brady that year, most of our passes were swing passes and screens that were glorified runs anyway.
I think the best way is to have TEs that are more or less interchangeable. They can be primarily blockers or primarily pass catchers, but the opposing D should not be able to read pass or run by something as simple as which TE is on the field.