In general principle, yes...bump the efficient guys up, reduce the touches for the inefficient guys. But definitely forget about that 54 percent benchmark, because that would be crazy high for this sim, especially for PG/SG types. Also, pay attention to IQ and not just the player rating numbers, as its effect is important. I've had very mediocre players from an offensive numbers standpoint who prove to be decent scoring options mainly because of their IQ in the offense.
I start my teams on a 3-4-5-6 distribution for Fr-Soph-Jr-Sr and then bump upward for players who prove to be efficient. I think the highest I've taken a guy to using this formula is 12 or 13. I know others on here really load up their top 2-3 players. I think distro is probably the one area of this game that most allows people to put their personal touch on the Sim and tweak it to their liking. It's also an area that, for me, differs greatly from year to year as this season's distro pattern might not work for next year's team and I'll have to re-define it to that team's "personality."