Cool concept, but doesn't consider planets, or nebulae, or other space objects that can block light. I have no expertise to speak with authority on this, so please, weigh in on this consideration. But wouldn't this break the "homogeneity" assumption?
EDIT: Thinking about this further, could you make approximation rules about the things that block light, too? e.g. By the nature of a star's mass, you can assume that some opaque object is likely between Earth and any given star with some likelihood?
EDIT2: Thanks to everybody for the replies - this really helps clarify! Cheers!