I have tried this tactic with A Madrid and it was a very effective tactic. I scored 83 goals in the league only conceding 29. I finished 3rd behind the big 2
Torres scored 41 in 44 games.
I also tried it with Arsenal and finished 2nd, 3 points behind Chelsea. Downside to this season was I got knocked out of all the cups at the 1st hurdle including the Champs league. I put this down to injuries rather than the tactic
In both cases I didn't buy any players and just used their current squad.
I am currently trying it Stevenage and Bolton and I will let you know how I get on