Hi Panditji,
Yes the 3103 would work as an IC. It is something you can try out if you have spare cable lying around and you dont know what to do with it.
I dont see much benefit in doing so if you already have a good IC in place. The 3103 is not designed to be an interconnect cable and if it all i see a downgrade in the sound quality if it were to be used as an IC. Also getting to connect/solder the thick copper wire of the 3103 to the IC would be difficult IMHO.
Recently i experimented with few of the Mogami cables and here are my thoughts on what i experienced.
For the past few years i have been using a TDK studio cable in my system and never really felt the need to upgrade it. Sometime last year i heard some rave reviews of the Mogami 3103 and really wanted to try it out.
Sometime in august the bug bit me and i splurged and picked up the Mogami 3103 speaker cable, Mogami 2804 (Coaxial Speaker cable), Mogami 2803 RCA/phono interconnect (Coaxial again) Mogami 2549 Interconnect Cable and the Mogami 2964 Hi definition digital cable(75 ohm).
Now the test results:
Mogami 3103 Vs TDK : The Mogami 3103 somehow accentuates the Bass and was less resolving and appeared a bit dark and muddy with a bit rolled off highs compared to the TDK. Again to reiterate...its nice cable and anyone wont probably notice anything except an accentuated bass till you listen to some high end cable side by side.
Mogami 2804 (Coaxial Speaker Cable) : This improved the resolution even further(Compared to the TDK), and seemed very precise and balanced and things sounded just right. This cable matched the musicality of the TDK with a slight increase in clarity.
Mogami 2803 RCA/Phono Interconnect : I used this IC in my turntable and found it outperformed the other 2 ICs (In clarity and balance) i had used on my turntable earlier. However using this IC with the CD player and DAC , my ears did not perceive any noticeable difference compared to my older Siltech London Mxt Professional Series ICs.
Mogami 2497 RCA interconnect : Not yet terminated as haven't felt the need as i dont think it will in any way better the earlier ones.
Mogami 2964 Digital Cable (75 Ohm) : A wonderful cable at the price point and nothing that goes against it. I found it better than optical cable when connected from my CD player to DAC. Warm and engaging with a good resolution and soundstage.
These are my observations on my system. To be objective i had my kids listening to the cables wherein one speaker was connected to the TDK and other to the Mogami and a quick Change of balance from the amplifier from one speaker to the other when testing the speaker cables.
The same cables may sound better or less on some other system...because it is finally the synergy of the system as a whole that makes music.
Since the 3103 is primarily designed by Mogami to be used as a speaker cable and they have other (better) options to be used as ICs i dont think it will outperform any cable which has been designed for use as an IC cable.
Hope that helps.
Cheers.
Harry.