Yes, it will work.
Yes, it will have a clearer, more 'open' sound than singing into an SM58 or similar stage-mic.
No, it will not sound as good as a 'pro' mic.
No, it won't be as easy to fit into the final mix.
There are a lot of LDC's in the $100-$200 price range these days... try a few of 'EM before buying...