I don't think that you would catch all the THC with the vapour/smoke just being bubbled through the oil. According to this board you have to simmer weed butter for 22-24 hours to get all the THC out.

But if you found a way to loop it through the oil/butter then you might be on to something. Obviously to do it properly you'd want to test what temperature works best for absorbing the THC and test the THC content of the vapour before and after going through the medium.

If anyone tries it out I'd be interested to know how it went.