I think it's got a lot of potential, it'd have to be a sliding scale of time dependent on the severity of the infringement though.
Yellow cards don't really encourage discipline, hence players regularly 'taking' a yellow. I think when a player deliberately takes out an opponent to stop a really promising counter attack, 15-20 minutes in the sin bin would be an appropriate punishment. A yellow clearly isn't, otherwise they wouldn't so gladly take it.
A 5 minute stay in the sin bin for less severe infringements would be appropriate; teams often spend that much time playing with 10 men due to a player receiving treatment and it doesn't completely alter the dynamics of the game.