Couldn't you make this same argument for any good literary work or movie?
It could work if the teacher and students were really excited about it. I don't know though, I'm not sure how much you could really get out of a serious discussion then you'd get from just watching the movies a few times. They really aren't too complex.
You probably could yes, but these are movies and its star wars which not only are movies but they are something that has changed the world as a whole. You could actually have some serious discussions about the characters, their archetypes, what they represent, the balance between good and evil.
Palpatine could be considered as the devil, dictator, ruler
Luke/Anakin could be the everyday man, they want adventure, they have insecurities just like everyone.
Han/Obi-Wan- The friend that looks out for you, always by your side, gives support when needed.
I could go on and on.