Yes. WR is not a strength now, so play to our strength. Even Hodges lining up as a the H-back and coming out on delayed routes from the backfield would be an advantage, as he's very athletic for an H-back, and a tough match up.
Don't even have to line them up as TEs. I'd love to see Mallory lined in the slot coming across the middle of the field. Great mismatch if they try to cover with a LB or a nickelback, and if it draws a safety over to him to help, it opens someone else up.