Having made two of these teams before and working on a third now, I can say that it does indeed work. However, I've found you need to rely on strategy more than raw damage percents to win. Having something like Lucario or Blaziken that can 2HKO is always a good idea, but don't forget to pack some walls that can deal with special walls or some pokes that can't necessarily break down a special wall but can find some way to either kill or incapacitate it. Remember you've always got Toxic, Perish Song, Destiny Bond, Baton Pass, Taunt, and many other things on your side to off the opposing wall.
But as people have said, having some physical moves is usually preferable. Why? Well, it makes killing special walls easier for one, but getting rid of physical moves bars you from some excellent support moves, notably Rapid Spin and Seismic Toss. Without RS, spikes and stealth rock are a real pain, forcing you to kill the offender before they can set it up (and if it's SR Blissey...). Not having Seismic Toss means random CM users can screw you up good. My biggest problem with my current special team isn't any form of Blissey but CM Sub Raikou, which my Blissey can't even touch.
So, yeah, they can work effectively, but don't make the mistake of assuming that you'll get a clean sweep after you kill their special wall. You'll still have many other threats to worry about, along with getting outpredicted.