I've been running this with Vilafranquense in Portuguese Second Division - 1st season up as champions, 2nd season I'm giving Benfica a run for their money for a consecutive 1st place finish. Can't remember the media prediction for my first season but the second season we were tipped for relegation.
This tactic has worked fantastically for me with Newport Co in their first season. Signings were made, yes, but the results are fantastic.
As mentioned in the OP, possession statistics are often fairly low but the defence is solid enough and the offence is lethal.
After 21 games I'm 17 points...