It can be workable, especially with high HP; the major thing to watch out for is a few things:
1. Unless you have Gamble (halve hit, double crit), hit rate becomes unnecessary over 100%. That said, being able to hit enemies easy-peasy will pay off in the end-game when enemies have significant evasion themselves (in FEF1, we're only guaranteeing hits through various spell buffs), and if you do have Gamble, being able to convert a 25% chance to crit into a 50% chance to crit with absolutely no effective cost can be quite entertaining.
2. Counterattacks are going to really, really smart, and unless you can out-move and one-shot all of your enemies, you're very likely to be taking at least some hits.
3. Crits are really going to hurt. That said, LUCK is kinda the designated dump stat.
1. No comment on Gamble. I probably won't be taking it though, since, well, LCK is one of my dump stats.
2. Axe user + high STR. Hopefully I'll be able to one-shot most of my enemies, and if not I will probably die horribly.
3. Hence why I'm talking Fortune.
Well then you better get S-rank with another melee fighter *winkwink*
*nudge nudge, wink wink* Say no more!
*Ahem* Sorry about that. It's definitely in the cards though. Lycan has no supports, after all.
3 can be counteracted by taking Fortune although you won't have Gamble... unless you S-Rank with someone and take that as your S-Rank skill. It'll only be useful that late in the game anyway, while Fortune is good ALL the time. Of course that comes with the restriction you can only Gamble while within three spaces of your S-Rank, but eh. It's more situational anyway.
Sounds like a bit of a plan. But again, no LCK so very low critical chance anyways. I might also want to go for a regen or something like that. I dunno.