Interesting idea. I've seen plenty of monochrome looks where the tie is close to the suit, and it can look smashing when done right, but I've never heard of a tie actually made from the same suiting material.
I think it would be a bit too cute if the suit were patterned. I could, however, see it working with a heather grey flannel material. If you're going for extreme minimalism, I suppose you could wear a solid shirt with it, but I'd be inclined to spice it up with a checked shirt and perhaps a bright pocket square.
I would definitely not do it with a dark fabric, because then it would be very difficult to tell that it's the same material. (Textures are harder to notice in dark colors.) I suppose some might consider doing it invisibly the be the only acceptable way, but I figure that if you're trying to do something new, you might as well not hide it.
