I kind of doubt it... most people like to read somewhere quiet where they won't be disturbed, while places where people drink tend to be loud and social. If you want to drink and read, I can't help but think most people would prefer to just be at home.

Otoh, I think a library themed bar could be sustainable. Decor should bend more towards, say, the popular conception of an old timey, old money study. Should be a small central bar area, then the whole place should feel a bit cluttered and disorganized, with a lot of nooks and crannies for small groups to gather. The books themselves, ideally, would be a mix of classics and old oddities, which function as much for sparking conversations as to be read themselves. Put prices on the books - this will probably never be a profitable part of the business model, but having a price tag means drunk people will at least toss you $10, instead of just stealing your books. Then host book readings, poetry slams, book clubs, and writiers workshops as events to bring people in the door.