Well I know of 2 who have done this successfully, @treyandres & me.i really do appreciate the "critical" mentions of the simple fact that the fender cabinets back then were pretty poorly designed for bass, physics wise. they had no idea what they were doing. but they look cool, and most of the problems associated with them were the crappy speakers and subpar power. i've seen all kinds of praise from them when people put in more powerful and appropriate speakers, and that gives me some hope that the cool little shallow fender cabinets aren't a complete lost cause for very basic purposes.
Having said that, if I was new to all of this I'd probably take @agedhorse's advice and not look back. Maybe my experience is just dumb luck, but it's worked and I'm happy with the results.