I don't know if anyone still reads this thread and uses this tactic for FM16, but in case it might help someone else:
I've played for 5 seasons with this tactic and was very succesful every season, the only issue I had was the high number of yellow card I tested several things to tweak and avoid this and this is where I've ended: I kept the PI tackle harder, but I've changed the Team Instruction: Get Stuck in to 'Stay on Feet'. (seems a bit contradictory the PI vs TI, but for me it did the trick)
The next season:
- I was only the 14th highest team in number of yellow cards,
- I had 3 goals less conceded then my previous record (almost same team as previous years)
- had 3 more clean sheets
so for me it didn't look like I had to give up performance to avoid yellow cards, altough I have to say I was playing with a top-team, so I don't know if you would see similiar results with smaller teams