It can work pretty well IF you design the rest of your build to function better at longer ranges.
For example, you might throw together a Krait with three short-range large bursts, and 2 long-range Imperial Hammers.
The Inertial Impact Bursts will only function at short ranges, but will do 165 DPS, while using up 9MW of your 9.2 fully engineered capacitor's output. The Hammers will do 60 DPS up to 6km away, and will also use up 9MW.
So basically you'll be fully optimal at both extremely long and extremely short ranges.
Personally, I very much enjoy my Corvette with two huge inertial impact burst lasers and drag munitions. Get right up in a targets face and ANYTHING will die. I can single-handedly smash through an Independent Captain's SCB without needing to cancel it. Just throw on some mid-to-long range weapons in the remaining slots to take out smaller targets and you're golden, since they're weak enough to not require that much DPS to take down in the first place.