LDRs, like any other relationship, can work if all parties involved want them to work...period. The same things that we constantly talk about as being 'key' to poly relationships, mono relationships, and the like are the same components that are 'key' in an ldr. You can do 'whatever' you desire as long as you approach everything sincerely, honestly, and with great effort. I have had multiple long distance relationships and, at times, have had a greater connection and received more of the support I desired from my 'miles away' partner than I did from a partner that was closer to me.
I think it is important for you, your bf, and your gf to sit down and really weigh your desire to pursue the relationship, the pros and cons of the circumstances, what each of you are willing to compromise in order to make this work, and come to a mutual agreement about how you wish to proceed.
I wish you the best of everything.