It will work, and will improve your focus when shooting at known distances, which is good. But you lose depth perception when you close one eye. Your brain actually has an internal wiring that relies off of a trigonometric concept called parallax to estimate distances to various objects in your surroundings.
Why am I saying this? Because it's an essential part of split vision archery/snap shooting, which is a form of gap shooting hijacked by instinct (I once heard it called gap-stinctive).
I started with gap and am now at the point where I no longer estimate range. Almost ever. Instead, I focus my eyes on my mark, usually a clump of dirt or grass, swing up, and draw, unconsciously setting my sight picture over the final 6 inches of my now straight back draw by setting the gap off my leftmost arrow point based on the objects' size and the space spanned at its distance between the two arrow points that appear in my secondary vision, have it lined up, and the arrow released the instant I hit my secondary anchor. If I were to begin closing one eye at this point, my groups would be vertical strings!
It is my personal feeling that you not limit your growth by closing one eye, and I encourage you not to. But there is nothing inherently wrong with it either, if that makes sense. You will still be a good archer either way.