I would think probably not. You simply aren't going to get enough air flow through the 2" inlets (probably smaller due to the heads) to suck in the massive amounts of air needed with the open design. With the open design you'll get all kinds of nifty interference patterns, but not the smooth, consistent flow you need to effectively collect chips and dust. Remember, you are trying to move massive (relatively speaking), high-velocity chips using air molecules. You need all the air molecules working together.
Assuming that everything was absolutely symmetrical you would likely have a dead zone centered on the tool bit. In the real world a low velocity, low pressure eddy right where you want maximum suckage seems more likely.
Add a hood and things should get much better. A hood with a single 4" port would probably be the best.
Of course, I could be dead wrong.