Perhaps if you play completely peacefully. I took out 1 civ before loyalty rolling the 2nd with a hybrid warmongering-instaflip strategy and it worked out well. I took 4 cities with units and the other 11 rolled over via loyalty.
I'm not sure I entirely agree with your assessment that I won't be able to acquire great artists. I was able to acquire more than a few. The game was deity and it included both Pericles and Russian AI's. I did take out one civ early/mid game so perhaps I had more opportunity to create museums than a 100% peace strategy. Here is the screenshot of the GW's before the cascade. I had 8 to 4 art vs. archeology museums.
After the cascade I had 12 art to 9 archeology museums.
After:
I agree with your assessment of generating extra population (problem) and gold purchasing archeologists and museums (easy). The problem I had with the COL ability is that it flipped a few too many civs to the dustbin of history and there weren't enough tourists left for a CV. IMO Eleanor is a mid game bloomer hybrid-warmonger civ like Spain. The insta-flip is augmented best by taking out key cities with your military to expedite the loyalty cascade.