You'd want to be careful about which cleats you use. I've only ever used the multi-directional cleats because you can reef your foot out from any direction. Clearly, this wouldn't be of much use for brakeless where you want to pull up. You'd also need to do the clips up tight. I can't see why you couldn't make it work.
Back when I used to use clipless, I preferred SPD to SPD-L but mainly because I wanted to walk. I also had brakes and used them. However, the SPDs worked for me, multi-directional cleats and relatively loose settings and all. I found the double sided pedals to be the best because you were always on the correct side to clip in. Never had a problem clipping in either, provided you picked up the pedal on the first or second stroke, but that's the same for SPD-L, toeclips or straps as well.