This is quite common in white collar boxing. Not great but gets the job done.
For wrestling, don't forget you have a lot of action going on outside of the ring so spill from floods is probably desirable. It's not like you need to worry about blinding officials like you do at pro boxing shows!
At the main venue we do boxing / wrestling we have 8 500w floods on a 3ft square assembly, 2 floods per side suspended above the ring. This is about 6m in the air from ground, so about 5m from the ring floor. It works ok for these shows but we supplement with LED washes from the sides (still about 4m above the ring) for pro shows. However even that isn't safe from wrestlers as one show they got hold of a ladder and suspended the belt from the lighting - winner was the first to get the belt. Cue me running to venue management.....
Other venues we rely on house lighting being available and just supply the entrance pizazz. Tie into the rig if we can, if not then leave the lights on. It's not great, but remember this is more athletic theatre than sport!