Hi Rick. I think there are two questions we don't know the answer to:
1. Will your mount - whatever it is - process pulse-guide commands when the mount isn't tracking. The answer may be different depending on whether you are using an ST-4 guide cable or are communicating via a mount driver.
2. Will the geostationary satellite be recognizable as a suitable guide star based on its shape, size, and brightness
If the answers to both questions are 'yes', it might work, PHD2 doesn't insist that the mount be tracking at the sidereal rate. I think only a bit of testing will provide answers.
Good luck,
Bruce