Anyone tried Steam Family Sharing with people not in the same house? Does it work?

Steam was running a new feature called "Steam Families" in beta for quite some time and it is out of beta today. You can read more about it here. But in short - 6 people can be part of a "family" and all their games will become part of a family library and anyone can play anyone's purchased game. (limits apply, of course. For example, if 2 members had bought Hitman, then only any 2 members can play Hitman at the same time.)

One restriction on who can join the "Family" (that I'm aware of), is that all the members have to have the same Steam store region. Most people are saying "they have to literally live in the same house", but I think that's just official requirement but not "enforced".

Ideally, I'd create a "Family" with 5 more people who have the same "store region" as me. I know that's not following Steam's T&C, but it's similar to Netflix premium plan policy. If I'm buying the game / paying for the streaming, the store should not get to dictate who I can add to my "Family" and share the content I already paid for. I didn't make this post in r/steam because they'll immediately clutch their pearls, and start hurling abuse. But I'm hoping this community would be more understanding.

So... has anyone here tried creating a Steam Family with people not living in the same house?