Your main problems are going to be :
- tracking :
Your leds will have to be bright enough and big enough to be seen correctly by the webcam
- accuracy :
Using a "normal" distance, a head movement is translated as dot movements on the webcam field.
The bigger the dot movement, the better the accuracy.
Since you plan to use FT at a greater distance, and unless your webcam has an optical zoom, a given head movement will produce a smaller dot movement than the same movement at normal distance, thus less accuracy.
In extreme cases , your system could not perceive small head movements, even with increased axis sensitivity.
As usual with freetrack, try it, test it, tweak it
until it works as wanted
cya