Not necessarily. Unless the ball just grazes the rim each time, the shot is flat, or has an abnormally high arc, long range shots on the whole produce long rebounds. It's physics. If a defensive team boxes out the traditional way (a couple feet outside the rim), rebounds have a tendency to bounce over the defensive block out.
Still the theory remains far outside the box at this point and for good reason. It is a great equalizer and a hot lower seed can certainly ride it deep into March, but eventually talent wins out the numbers don't support its use as a primary point accumulator like it would on the PlayStation...and there is no reset button.
It is true that all things being equal a 3 pointer is worth 50% more than a 2 pointer and that (shots being equal) shooting 33% from 3 = 50% from inside the arc. But those shots have to go in for the points to count. Say Doug McDermott has a clear lane to the rim and he has made 80% of past shots in a similar situation. Should he kick out to Ethan Wragge (47.3%, 3rd in nation) for a 3? In other words, would you give up a high percentage 2 point chance for a shot at an open 3? The answer is no, because on average, McDermott's shot in the lane yields 1.6 points where Wragge's shot yields 1.42 points. See? The percentages work both ways.
By the way, Creighton is among the national leaders in 3 point attempts as well as 3 pointers as a percentage of Field Goal Attempts at 44.7% (and they hit 42% as a team), followed by Villanova (44.6%/36.1%), but those are the only teams in the top 10 of this statistic in the NCAA Tournament. MSMU's rate is just under 43% 3pt/FGA (16th) and hit 35.6%, which is exactly average of the top 50 3 point shooting teams in terms of volume. Princeton leads the country with almost 49% of the shots being 3 pointers (but only hit 35.6%) and I doubt you will find a percentage much higher than that in any given year.