Yes the domain does not matter.
You can even test it out with just one single page. I spoke to John Mueller about this a while ago, he said when using hreflang you can use it in the same way you use a canonical tag. So maybe you could test it on an internal page that you know should be ranking better than it currently does.
Setup the new domain, create a blank index.php page and just replicate the internal page and URL structure.
FYI, John actually talked about URL structure for hreflang just 2 days ago.
https://www.youtube.com/watch?feature=player_embedded&v=1sewHcbKTJw#t=2171
In an ideal world you want to create a clever bit of PHP so that your code is being pulled from one directory otherwise you will have 2 versions of your site that you will need to maintain and that would just be a royal pain in the a$$.
Before you do anything I suggest you read the page below and watch the video by Maile Ohye on there too.
https://support.google.com/webmasters/answer/189077?hl=en
Fell free to ask me any questions I have had to do this on a few sites and have been doing it for a long time now.
Setup your current site as the x-default and the new one as "EN" so that all english inquiries are served up by Google to your new site.
I look forward to hearing how it goes. FYI its possible you may see your results drop for a day or two and then popup with the old URL again and then the new one, It can take a few days for it to recalibrate. It can also happen right away and then random adjustments happen over the next few weeks.
Also make sure to use fetch as Google in WMT on both site pages to get Googlebot looking at your pages ASAP. I have seen results in 30 seconds before.