I have tried it and it works. It's a slim download and is quite clean if you want to give it a shot. It's less sensitive than IR and feels much more like the Virtual Mouse movement of up, left, right, down.

I did some more poking around and as I am not really EE savvy. I think I am going to opt for the Nyko wireless IR bar. I found one locally for $15 dollars. $10 more than the cost of the materials and way prettier than anything I could build.

Now I have to hack my new MacMini to make fat buttons and menus that are much easier to work with!