Glad that you asked!
Here is my RMT, which features Ho-oh, Arceus-Water and Ferrothorn in a FWG-core. It has worked very nicely:
It is usually kinda hard because you usually use Fire-types (Ho-oh, Reshiram and Blaziken) on sun while Kyogre instantly nerfs these typical Fire-types with drizzle. On my team, which is a sand team, there is room for both a fire and a water type.
My answer to the question itself would be that it can work, but it's usually the prevalence of Kyogre or Groudon on teams that make then rare.