I do believe that's possible. But first you have to define what do you mean with "inside" guards, they have IS, IS+ID or even some RB?
If all of them are inside oriented in terms of IS, playing LI/LP won't be a problem. If IS in the designed SF isn't so high (considering the potential opponent's ID at SF) I would love him to have a lot of passing to avoid tough shots, but you'll definitely take advantage of others skill at PG/SG.
If they lack of interior defense AND rebouding, it's going to be a challenge defensively. Playing a 3-2 if they are really low in RB will put you in the position of needing big men very very talented in ID/RB (and their salary...). If at least one of them possess a good ID, I would play m2m, switching defensive assignments if necessary.
If they are all round players (IS/ID/RB), I don't know why you asked that question

By the way I don't think you'll have lots of problem. Of course I would buy big men accordingly to the real needs