It would certainly work, but I don't think that it would be a good idea. There are four reasons for this.
1. The molar ratio of fulvic acid to ursolic acid should be around, or greater than, 2:1.
3. Shilajit is generally standardized to as much as 60-65% fulvic acids; almost never more than that.
2. Ursolic acid is much less potent than tomatidine. It's at least 5x less potent, and may be more than 10x less potent, depending on who you ask & what you're looking at. This means that relatively high doses are required.
4. It's not a good idea to ingest too much shilajit, due to its high mineral content.
Taken together, we have to come to the conclusion that a moderately effective dose of shilajit-bound UA would deliver excessive amounts of shilajit. Assuming 60% standardization, the ratio in real terms would be something like 1:3 -- so for every 100mg of UA, you're getting 300mg shilajit. Want 300mg UA? Well, that'll be 900mg shilajit! Too much.
This is also how it works for our tomatidine product. A dose is 250mg in total weight, but only 50mg of that is tomatidine, and the rest is shilajit. (We used a slight excess of shilajit to ensure optimal results.)
As we want our products to be long-term safe as well as effective, the (experimental) high-dose tomatidine product we're developing is going to be a mixture of cyclodextrin-complexed and shilajit-bound material.