I like it. I always felt glass-fiber should be used as data transfer, not power conduction, and this is as good a use for it as any. If this was implemented (slight tangent here), maybe we could have gold cables take over as the low-resistance HV cable, and add a bronze cable to replace gold for MV?
As for the handwaving, the atoms aren't travelling along the cable at all - just all the information about them that the receiving teleporter will use to recombobulate you. Maybe even translate distance eu-loss to this? Instead of losing an eu every 40 blocks, lose half a heart, and/or x% durability/charge loss on damage-able items?
Teleporters are already ingame, this is pretty much just changing the linking mechanics to finding a valid cable route (much like the e-net code). Maybe allow teleporter naming/labelling, and a GUI to select from all valid (linked and powered) destinations?