Much of it depends on the offensive players ATH/BH/PAS/IQ/FT...the higher those are, the better they will fare against the doubleteam. It also depends greatly on your players ATH/SPD/DEF/IQ. It's a very effective strategy when a team has one or even 2 guns. It's a big gamble though. If you have a player that has good ATH/PAS/BH/IQ numbers, he'll effectively break the doubleteam more often than not.
As far as the counter, I wouldn't necessarily reduce the distro of the player if he had good cores to counter it. Distro only means that a play is run for the player. Not necessarily to score, but to have a play run. He may pass out of the play. The doubleteam only occurs when he has the ball. The doubleteam will still be somewhat effective, but you will probably see an increase in the fouls. I would however, increase the distro of your next best offensive weapon to help counter it.