It won't work.
Schemes that change the password frequently require accounting for clock slippage between the user (or his device) and the server. Otherwise, if it's close to a time boundary (and, in many cases, not that close), a user will often get the wrong password.
Also, policies typically need to be enforced. For example, if a password is "used up", generally it is a policy requirement that it not be used again. The user would have to wait for the next password. And, in some cases, you will need to make the user wait for the next password anyway because the slippage is too great.
Schemes such as you describe are implemented by hooking the server's password checking process and intelligently comparing it to the possible passwords the user might send. Changing the password frequently on the server side will not work.