Hi ADelmanto,
Now that's what I call being creative.
Do you have pics of the medium ?
Here, some use cocoa shells as mulch ... It is not like cocoa does grow in Zone7 and that is a local waste to recycle intelligently.
I would say that peanuts shells are wood and decaying wood consumes nitrogen ... Are they fertilizing crazy on Nitrogen to start with ?
After a while, the medium will release the Nitrogen back to the plant - be careful with that back-draft . As the plant would have too much nitrogen at that time if you don't stop giving more nitrogen.
How much time will it take for the peanuts shells to turn into dirt ? ... is a good question .
Keep us posted on the results of your trials !
Try it on a guinea pig fig tree first of course.