I was asked to quote to light a boxing show in a hotel ballroom. Priced it up using a bunch of nice LED cyc floods with barndoors, rigged from some bars in the ceiling.
Never heard a thing back from the prospective customers. After the event I found photos on social media, and it turned out that they had bought some building site floods, complete with yellow tripod stands, and stuck one behind each corner of the ring.
To be fair, the photos didn't look terrible, and as Adam says it would work OK if rigged from suitable positions. If there's more than minimal budget, I'd suggest using the 300w version and putting more of them up. More sources of light means the shadows are less obvious (especially on camera) and since the bulb life isn't spectacular you're less likely to have an obvious dark patch if one were to give up during the show.