This isn't unlike the most fundamental execution of the Princeton offense, which is four players above the free throw line extended and one somewhere else--post, or wherever. I still think it comes down to how well you teach the players what to do out of these situations. And I don't see any reasons why you can't run sets or set plays. One thing or another, what I love is that you're allowing the players to play and look for opportunities within the overall framework, which inherently makes game planning difficult for the other team's defense. There's nothing concrete to prepare for.
You do have to be able to make jump shots if you're going to adhere to this scheme, just because the other team could play zone and clog up the lane regardless of where your offensive players are positioned. That's why the Princeton offense requires the players to be able to shoot.