While you probably could do it, as long as there isn't anything of significance running on the laptop, or in the background on the phone, you would probably get a lot of pausing, and issues due to speed loss.
Also, you run the risk of overages to your data. Unless you have unlimited data.
To make it work well, I would just make sure that there is nothing running on the computer, nothing else running on the phone and no one else is using your connection as well.