In theory it might work but have a look at this recent Google Plus comment by a Canonical employee (@mhall119):
(highlighting by me)
Additionally, I don't think that Android apps would look good on Ubuntu Touch. The design is completely different.
If you have a look at the link above, you'll see that he is currently working on a way to convert Android xml files to qml though. That will make it easier for developers to make the switch.