Muscle protein synthesis and repair from a training session occurs for up to 48 hours afterwards so no it won’t work the way you want it to with complete fasting, but there is the leangains methodology that uses a similar calorie cycling concept. The HGH release from fasting is an absolute meme too, what’s it going to help you build when you’re already catabolic, haven’t eaten in days to start it and you’re still not eating after it starts?
I’m theory it’s sounds great, but I think you’d get inefficient results. I don’t think your body will simply promote muscle growth day 1 and then promote fat loss day 2. It would be much more efficient to just eat maintenance calories and gradually build muscle and lose fat.