Sure, I guess it'll sound as good as any bass amp with 40W and 5.25" speakers with plastic cones ever would.
You will need some sort of preamp, a hi-fi amp doesn't have the right input impedance. Except if you have an active bass, then you might be able to plug it straight in. The preamp could be as simple as a bass compressor stompbox, you might have one already.
If it were me, I'd look for speakers with higher sensitivity and real paper cones. But maybe low cost and small size is more important to you. Not to mention, plastic cones are more water resistant, which could be important for busking.