This is one of those "how long is a piece of string?" questions. It might do the job, but then again, it might not. The only way to find out is to try it, but that would mean buying one. Two 8s in a small cabinet are only going to shift so much air. May be fine in certain bands/styles, but if you play music that requires you to push the bottom end a bit and venue acoustics are less than ideal, perhaps not.
I've used a MB 1x12 combo in similar circumstances to those you describe and it worked surprisingly well, although it didn't shake the room (as you would expect) and it was in a soul band, so volume was not very high.
I wouldn't imagine the difference between the older and current version is that great. MB gear is surprising in that it projects well and sounds good in the room, however. Any chance you could hire one and try it out at a gig? That would give you a better idea.