I say yes. Just as long as the production is clear enough and the five different counterpoints aren't lost in a sea of distortion. I wrote a song with four single-note (no chords played) guitars (two panned hard left and right, and another two 50/50) twirling around and mutating into chord voicings or played counterpointed leads, but I played them without distortion. My inspiration was King Crimson's "Discipline" album (indiscipline in particular) although I didn't overdo the polyrhythms b/c I can't play that good. If you intend to go on with this, I do suggest you listen to this album, and also "The ConstrucKtion of Light" from the same titled album to see how busy even just two guitar and one bass voicing can get.