There's a fascinating fic based on this idea, which won several Orion Awards: <a href='http://criminality.popullus.net/archive/lessaandryn/whathavewedone.htm' target='_blank'>What Have We Done</a>, by Lessa & Ryn. So, it has already been done very well, and it's been done an awful lot at ff.net as well. If you can figure out an original twist on it, go for it.
I haven't figured out a way to rationalize the mindwipe scientifically, partly because memory is still rather esoteric to scientists, and partly because what we have figured out have made this sort of procedure almost impossible. I would think that the best way to mindwipe would be to lesion particular neurons... which would involve destroying them, not recording them. (And it's mindboggling how difficult
it would be to translate a biologic code for memories into something digital, into something that might be even slightly coherant to anyone viewing it...) But it's implicated in the book that there's a way to do it for the fairies, so, it's canon, and thus very possible within the books. *shrugs*
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