Think it's extremely difficult to put into practice. With the longevity of managers at clubs decreasing season on season, and with most first time managers falling out of the game, I can't see how a Rooney rule would realistically help minority background candidates long-term without additional measures. Also with the money most of the top players make from the game, we lose many potential coaches/managers who probably don't want the hassle that it brings as they can afford not to. It means the overall pool of talent to have played the game at the highest level is much too small.
The easiest step is to definitely increase the level and number of qualified coaches and aspiring managers. The hardest is to start providing the opportunities. With more Premier League clubs and an increasing number of Championship clubs going into foreign ownership, any potential domestic managers are going to be competing against foreign managers as well.