It is possible and indeed commonly done. It is a core design goal and advantage of ranges that lengthy composition works, and is readable. There is no fundamental undocumented constraint of which I am aware than those I have documented.
 
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Your example works perfectly if you replace the pheonix bind operations with functors. Hence this appears to be a compatibility issue between the transform iterator and pheonix bind.

I will investigate further and report back, but I wanted to let respond with what I know now in case this helps.
 

It is likely that you are doing nothing wrong. I would like all of the Boost libraries to integrate perfectly with Boost.Range and your use-case looks perfectly sensible.