If you're a child of the 70's, you should remember when people used to ask why the NFL didn't run the wishbone and the answer was that Oklahoma was the only football team in the nation that could afford the personnel required to run it effectively.
It's one thing to line up in this and another to execute it the right way and if we struggled with defending it when Cal Poly employed it, I doubt we can dial it up for a play or two a game and make it work.
The other glaring problem in this formation is putting the quarterback into a position on an option play where the defense can have a free shot at him. I am sure that would thrill any defense that lined up against this set and be the potential end to a college football career.