Yes it will work, but I prefer shad for both blues and channels plus a variety of dip/punch baits (stink and cheese baits) for channel cats. I prefer to just eat shrimp on the side along with my catfish fillets, lol.
Having said that, my brother was a diehard shrimp user and always did pretty good using it so I used it as well when I fished with him (usually drift fishing at night, sometimes during the day). Then I started using shad and noticed I caught more fish, it was easy to catch and FREE. Summer rolled along and we went to Grapevine for a night drift trip together. My brother was dead set on proving me wrong so he brought shrimp, I netted shad. When all was said and done, I had a 5 to 1 catch ratio over him. We ended up with 30 catfish fish that night.