The subject matter is complex and controversial, but it is not very difficult to understand. Follow my considerations.
I will divide the subject into two parts, the first is for you to evaluate if it is worth spending this time and effort, and the second is to clarify some points if you follow the project.
Just to clarify and avoid confusion let’s not confuse Microdata with Date Smudged.
- Structured date is: It is a Value Name matching system that helps engines to index and index their content.
- Microdata is: It is a way to structure Dice in a way that works in HTML5
Now let’s get to the facts!
Structured data’s Effect on rankings
Whether Structured data affects rankings has been the Subject of Much
Discussion and Many experiments. As of yet, there is no conclusive
Evidence that this Markup improves rankings. But there are some
indications that search Results with more extensive rich snippets
(like those created using Schema) will have a click-through Better
rate. For best Results, experiment with Schema Markup to see how your
audience Responds to the Resulting rich snippets.
Source: https://moz.com/learn/seo/schema-structured-data
Google’s John Mueller recently stated that the search engine Giant may
add Structured data Markup as a ranking factor. So it is Definitely
worth the effort to implement schema Markup on your website, as this
is Becoming more Important to Google.
Source: https://searchengineland.com/schema-markup-structured-data-seo-opportunities-site-type-231077
In short... There is NO evidence that Schema or any rich snippet and Structured Date influences your ranking by itself!
What Structured Data does and indexes your content better in the search, it will make your content more complete and easy to find, but will not take your site to the top of the searches.
What Google of the understanding is that a rich content has more chance to be clicked, so if your information is more complete your link will be more clicked and with this your rankings can better.
What he means is that your link will appear like this, in the middle of the search, and that being more complete has more chance to be clicked.
Source: https://developers.google.com/search/docs/guides/intro-structured-data
(This link has several Google recommendations on the subject, including talks to use the JSON format and follow the Structured Date Best Practice Guide)
If you want to follow the project here are some links
Schema documentation: https://schema.org/docs/gs.html
Standard W3C: https://www.w3.org/TR/microdata/#Introduction
Google Guide: https://developers.google.com/search/docs/guides/sd-policies
Tool to test your Structured Date: https://search.google.com/structured-data/testing-tool
And answering "...is functional, semantic and viable..." Yes is functional, Yes is semantic. I believe so, but it depends on your time, money, and patience to see your rankings rise.