You asked if it would work, and it will, in the sense that it will make the plants flower. The results won't necessarily be as good as a HPS would produce, but that would depend on the type of bulbs you are using. There are plenty of plant-specific fluoros that put out more PAR watts (light the plant can photosynthesise with) than HPS, but as was pointed out, the throw, or 'penetration' isn't as good, mostly because the light is being produced by multiple smaller sources, rather than a single powerful one.
This basically means that to grow large plants and get lots of bud, you either need to surround the plants with cfls/fluoros or get HPS.
How big a space is it and how many plants? I would have said 4x54w should do for a 2x2 or so area, but there won't be a great deal of growth below the canopy if the light sources are all above the plants.