I would say so. I changed it from an 8 teams to 4 teams to make it less complicated. It worked from there, although I wasn't able to arrange a game for 3rd place.

The first round results were:

BlurredD/AvK: 3
DarkSonic/Labratratkid: 2

and

SuperJazz/ironlight: 3
Jippo/CelL: 2

For first place:

BlurredD/AvK: 3
SuperJazz/ironlight: 1

That's how it went. It's not official or anything since it isn't even my tournament. We probably should've played to 5 instead of 3 for the last game. Overall, it wasn't too bad after there were only 8 players left. Conclusion: 4 teams can work.