The better question is, do we want it to function?
And obviously 105% of the others science is too much. A bonus percentage like 30% of the others total science, provided you are reseaching the same thing. Obviously you need an embassy.
I think its basically a good idea... but you have to look for the abuse in the situation.
I think here's the abuse:
The player avoids researching X... but goes ahead with more important (to him) advances.
When a lowly AI civ starts to research X, the player forms a research pact. He gets a modest bonus to science (even if he's ahead of all other AI's scientifically) and the lowly AI gets a big boost, which is ultimately meaningless.