It would work better than what you currently do. Right now you're dependant on full backs for width but should, say, Ramires and Cole push forward and the counterattack comes down the wing, you are depandant on dwarves to track back and on Lampard's "exceptional" tackling and positioning. So your defense is 3 remaining defenders and two attacking players, one of which might not even bother to show up.
Same situation in 4-3-2-1, Cole and Ramires push forward, Luiz drops deep, counter comes down the wing, at any given time you still have 5 man behind the ball ,and this time they're all defensively skilled. So even if playing just 3 attacking players as opposed to 4 would allow the other team to counter with more people, you're still better off.
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The thing is you're effectively just replicating the problem we have now in a different system. We should have width in a 4-2-3-1, the reason we don't is because of the midget patrol and their tendency to drift inside. Yes we'll still have 5 men behind the ball with Luiz dropping into defence, but their wingers will have plenty of time and space to build up runs. If you want Cahill and Terry to actually become auxiliary fullbacks and go to the position that Cole/Az should be in, we're still going to get ****** because you're putting Cahill and Terry in positions they can't really play. Terry in particular is not good at pushing high up the field and having space in behind him.
It doesn't really solve our problem, if anything we actually become even more one dimensional.