It can and has worked. Wisconsin, Parkside in D2 Phelan uses that technique and in the last three seasons has went: Final Four, National Champion, Championship game loss.
Redneck1 used it at St. John's in D1 Tark, and although he didn't win any titles, was a fixture in the big dance. I'm sure there are plenty of other examples, those are just the two that came to my mind the quickest.
I think that it gets a little less effective as you move up, but it's definitely a viable strategy, if you want to call it that. Personally I think it's weak (and quite easy to defend against. In fact, I don't think I've ever lost to one of those teams yet but it's coming, I'm sure), but it's a strategy in the game that some coaches have chosen to use. Not very realistic in my opinion, but definitely within the parameters of the game.