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If it's cheap enough (under $100) and you know how to do your own setups, then maybe. I had one once that wasn't a bad player (but not especially great either). And it weighed a ton!
It depends. The ones made at the Matsumoku plant in Japan in the 70s can be great instruments, even on par with highly thought of clones like the Grecos and Tokais of the same period.
Later, end of the 70s and into the 80s the "brand name" Memphis was sold off and guitars and basses were produced and marketed under the Memphis name in Korea and then China which were often among the worst electric instruments ever mass-manufactured.