I have tried it. My experience is that double-teaming cannot compensate for having a bad defender in a M2M. Sometimes the double team helps, sometimes it just leads to more fouls and you're in worse trouble. I tend to believe that when the target of the double team has high IQ and passing rating, then it is just bound to fail. If you find a big scorer on your opponent, that has only modest IQ and poor passing rating, then that player is a good target.
Whether you double-team or not, you may consider trying to match up a better defender against the other teams best offensive threat (e.g. assuming your normal starting 2 has much worse defense than your 1 or 3, against a high-scoring opponent at the 2, move your 1 or 3 into the 2 spot for that game).