Would a OTP No-Key Protocol work? Consider Shamir's No-Key protocol. What if you substitute the asymmetric operations with XOR, each party using an ephemeral OTP. 


It's symmetric, so you could apply the protocol scheme as if it were homomorphic
It's much faster than Shamir's solution using public key crypto


Would this still be a valid and comparably secure protocol as Shamir's No-Key protocol?
Would this still be a valid and comparably secure protocol as Shamir's No-Key protocol?


No, it would not be secure at all.

In this revised protocol, Alice sends a message $M$ to Bob, to do that, she picks a random string $A$, and sends:

$$A \oplus M$$

Bob receives this, picks a random string $B$, and sends:

$$B \oplus (A \oplus M) = A \oplus B \oplus M$$

Alice then xors in her original string $A$, and sends

$$A \oplus (A \oplus B \oplus M) = B \oplus M$$

Now, someone in the middle hearing these three exchanges, if they exclusive or all three, they get:

$$(A \oplus M) \oplus (A \oplus B \oplus M) \oplus (B \oplus M) = M$$