Yeah. One of the (many) reasons I want to do this is because I want to linger a bit longer on the really fun and cool and kind of wicked monsters that land in the CR 1/3-CR 3 range.
A big part of the overall adventure, for example, involves dismantling a dark folk conspiracy - with one of the key NPCs for the entire campaign CR 7.
I think part of the experiment will be communication players. If they think, "Oh, orc - this is a chip-shot then we move on to the real adventure," it'll be a bummer.
But if I make the orcs interesting and malign, and develop a real sense of threat, I think I can get their attention.
I'm also not particularly worried about magic users. Their ability to truly check-mate low-power adventures doesn't really kick in until they get third level spells. For a Wizard, that's halfway through the campaign's level progression...
Also, by actually requiring some attention to spell components, their ability to just be 'magical canons' will diminish a bit. I really want there to be a moment where one of my players says, "I'm almost out of bat guano and sulfur."