I think it will work fine. I've read but never played FUDGE, but it seems to me to be more like a RPG tool kit. The referee will have a lot of work to customize all parameters. After that, it will work fine. Probably better than T20 and perhaps even better than GURPS (I don't think that d20 hit points will work well with Traveller and I dislike GURPS narrow approach to skills and advantages).
Anyway, I think that CT/MT/T4 do a pretty good job to provide rules to play in the Traveller universe.