Possible it could work better. You run into problems with offensive flow, though. Even if you have, say, 5-6 passing on all of your PF/C, then you're still in a situation where a team with good OD could force you into taking a lot of perimeter shots, which you're not going to make.
All of this just goes to show why well-rounded players are so valuable- while you'd have a player with SG skills playing his normal position, he could create mismatches with higher inside skills.