It should be possible to link to individual pages. ( So that one can show where the opening line of Neuromancer or the first paragraph of The Library of Babel is located.) But otherwise really cool.
I think yk's idea is excellent - I'm actually working on it right now. You're correct that the book locations need to be about as long as the book to provide sufficient unique values - but it isn't humanly or temporally possible for people to bookmark that many pages - so a separate index of bookmarked pages could use much shorter urls.
The bookmarks would only need to map to the book locations - you would only need sufficient values for the number of bookmarked pages, not the entire range of possibilities.