The viability of the full Indenture proposal - Mortimer as king of a truncated England, Glyndwr ruling all Wales plus the Severn valley East through the W Midlands to the R Trent, and the Earl of Northumberland ruling Northern England - is unlikely. The borders of England had been well established for centuries by this point (1405), with the Tweed and the Solway as the Anglo-Scots border since the c11th, and other lords and minor landowners of northern England would hardly have accepted the Earl of Northumberland (head of the Percy family, principal landowners of Northumberland) as either an independent ruler or as a semi-autonomous regional deputy for his nominal king, Edmund Mortimer. Powerful and legally autonomous 'county palatines' did exist in the region, eg the county of Durham (as held by its Bishop) or at times the Dukedom of Lancaster within Lancashire, but a massive regional body much larger than this, including all of the North, was not feasible. Not least,the Percies had many powerful local noble rivals, headed by the large Neville family of Westmoreland, and the earl of Northumberland (aged around 60) had lost his family's best general and his own heir, his son Harry 'Hotspur' Percy, plus his own brother the earl of Worcester, and many troops in the family's defeat by King Henry IV at Shrewsbury in 1403. The Percy part of the agreement would have collapsed even if Edmund Mortimer had been put on the throne in London, and neither Edmund (a teenager, b 1391, not an experienced commander) nor the cautious regent of Scotland, the elderly Duke of Albany, could have helped them out much. The same inability to defeat a hostile body of local landowners with the few resources available applies to the Severn valley and W Midlands being handed over to Glyndwr - whose smallish army was good at guerilla war and skirmishes in the Welsh hills but had a poor record of success in open battle against experienced English troops.
The 'Triple Alliance' had a few thousand French mercenaries to hand in 1405-6, sent across to SW Wales by their backer King Charles VI of France, and in real life they joined one foray by Glyndwr and his army across the border via Herefordshire as far as the outskirts of Worcester without fighting any English army. The campaign trickled out and they went home later, and the undefeated army of Henry IV's eldest son Prince Henry (later Henry V) , which was holding onto part of SE Wales and the central and northern borderlands with most of the regions' castles, resumed the offensive. Glyndwr's army was duly pushed back and lost its hold on towns and castles. Given Prince Henry's military strength and capability, defeating him with the resources available was unlikely except if a far larger French force or more English defectors had been available - and Charles VI was cautious and subject to sporadic mental illness when his govt was paralysed by rival factions. But if Edmund Mortimer and his brother had been able to escape custody by Henry IV at Windsor Castle successfully in Feb 1405 - they were chased across England by royalists on horseback and caught near Cheltenham - they would have been leading the rebels in person which could have brought more recruits despite their youth and lack of military experience.
Equally, if Henry IV's sudden outbreak of serious ill health that summer (a surprise given that he was only 38 or 39) had occurred a few months earlier or been long-term, not a temporary interruption to his campaigns, his army would have been paralysed as he faced the escaped Mortimer brothers. Alternatively, given that his collapse occurred just after he had arrested and executed the archbishop of York for joining a pro-Percy revolt , if he had died or been incapacitated long-term this would have seemed to be divine judgement on him - and led to desertions? Had he been dead or an invalid and the Mortimers been at large with a stronger French force, the chances of the rebels defeating Prince Henry would have been much better.
Edmund could have ended up as king in that situation, possibly by buying off a defeated Pr Henry with his father's dukedom of Lancaster, but handing over more land to Glyndwr or setting up the Percies as autonomous governors seems unlikely as it would only cause more rebellions later.