I've been using this thing on and off. The only real way it works for me is to run Fluffy with Cotton Guard and Body Press.
Fluffly basically gives you free reign to swap in on any un-boosted non-fighting/fire physical attack whenever you feel like it. After a Cotton Guard (or both if you're lucky, since you only need two to max out your defense buff) you'll start getting some insane damage off Body Press. I flip-flop between Protect/Leftovers and a Life Orb. Protect/Leftovers can help you buy some much-needed HP against physical attackers, but you get more damage otherwise. I preferred the HP, as the damage was already pretty intense - I didn't find myself in a situation where the Life Orb would have bought me a KO earlier.
No matter what your build is you're going to get walled by Ghosts, and you kinda have to accept that. Even options that could hit Ghosts barely phase them, but that might be due to my build putting EVs in HP/Def/Speed rather than Atk, with a Nature that doesn't boost Atk. I might check out how it performs without the investment so slanted towards Body Press.
If it helps, I also run it with Sticky Web support, as it has just enough speed to outpace some bulkier Pokemon that it doesn't want to get hit by. Being able to hit some of the Special Attackers before they can get a swing in goes a long way in keeping Dubwool around.
It isn't going to settle in OU, but I think it'll carve itself a niche in UU. It isn't amazing, but when it works it can seriously break down unprepared teams.