Rondo, I can say I have stained walnut with cherry, just to get the red.
Can't rightly say how it might go the other way around, but I sure did like the the color of the stock that I ended up with that cherry stain.
If you use a good stain I personally see no reason why it shouldn't take...
The first one I did, walnut to cherry, was on a T/C Hawken...shadow line cheek piece, with contrasting un-stained line for outline.
The second was on a little CVA "Three-Two" Rifle that I got from Maxi-Ball back in the late 90's....Remember Dale?
As with most CVA products, I always suspected their Walnut to be Brazilian Walnut.
In the early days T/C did have some nice figured Walnut and I wouldn't want to do this on real nice wood, and I'm not so sure I would try it on any custom / semi-custom rifle.
Still yet, it's your rifle....do what you darn well please.
At least that's the way I see the picture.
(I still can't post from the Gallery to the forum...don't know how I suspect!)
But, that attachment thingy seems to work pretty good, everything else is too big and has to be re-sized.