I tried it. Dried up Red Worms are 82% protein, but it takes 1 1/2 -2 months for your population to double in size.
So to put in to perspective. It will take somewhere around 45-50 pounds of worms to reproduce 1 pound a day (in ideal conditions). Worms cost between $10-20 a pound to buy. If you invested $700 in worms to begin with, mixed 1 pound of worms (high protein) with some low protein grains or bulk filler to cut it down (make it go farther) and nothing happens to upset your worms habitat it could work.
Now the bad news. 45-50 pounds of worms = 90,000-100,000 worms! A bin large enough to hold them all is going to be around 4'wide 8'long and 4'deep and will need to be maintained between 55 and 75 degrees. Worms can eat half their weight in food a day so you would have to feed them 22-25 pounds of food (spoiled vegies, breads, fruits) a day. If you had that much food scraps per day you could cut out the middle worm and feed your flock the scraps.
It sounded good to begin with but the more I played with worms it became clear (at least to me). Worms are great for a high protein treat but are not likely to become a replacement food source any time soon (at least not around here).