We are Doing this but driven by the heat pump instead of a separate air con. for reference - the cost difference to install fan coil units upstairs (7 units) with fully lagged pipe work (allowing us to run the fan coils at 9degrees when cooling) is around £7k (over first and second floors). This is only a bit more than quoted price for UFH for those floors. This is much less than price of air con and means our heat pump isn’t sitting idle for half the year. Fan coils are also pretty efficient at running at low temps as well.
I hope the strategy works, but in theory it makes sense??