As long as your whole team has bought into the "let it fly" system, then it can absolutely work. I half jokingly suggested this last season but the only player on our team that had good value consistently taking two point shots was Tyler Davis.
Despite having Davis, one of the best two point shooters in the country, we were barely inside the top 70 in two point field goal percentage (51.3%.) We weren't exactly awesome at shooting 3s either (34.1%, so almost exactly the same value per 100 shots), but I imagine if you know that's the plan going on we'd have gotten some better looks from three.
Combine that with the fact that we were pretty good at offensive rebound rate and we almost should have abandoned the two point game. That's especially true of a few specific players.
--
Anyway, back to the bigger picture, the further you can shoot from, the more it spreads out the defense which is only going to help your offense more.
So as long as these guys can hit from above about 33-34% out there, I say make it rain.