You can't do that. We get asked this often.
The issue is the transition form half to full space radiator, which takes place at a frequency dependent on the width of the front baffle. This effect requires compensation, called Baffle Step Compensation, known as BSC. This compensation requires a 6db bass boost below the transition frequency. An in wall speaker requires no BSC. However it gets more complicated than that, as the flat wall also causes reflection resulting in bass reinforcement, that has to be corrected for.
In addition you would not rear port an in wall speaker.
As far as WAF is concerned though you plan is a good one. That is what I did in our great room system.
I designed and built an in wall system behind a false wall by the fire place. It was quite a project though.
I think this is the type of concept you have in mind.
There is nothing really quite like that on the market. If you want a commercial in wall system you should look at B & W. There are quite a lot of offerings out there, but manufacturers in the main are afraid to tell how lousy there systems really are. You certainly want to avoid unenclosed systems. In wall is not an acoustically friendly location, but you can make it work. I'm very pleased with my system and my wife is over the moon with it.