I did exactly that when I was experiencing serious lower back problems over the course of 2002-2007, and yes it worked. I use an iron mind hip belt and olympic plate loading pin, and stand on two piles of engineering blocks instead of benches, I start with the weights stacked on a bench in front of me the same height or on a third stack of blocks (I hope that makes sense) it takes a while to get used to setting up but in my opinion this is the best alternative to regular squats.
I've used wide stance wearing converse, and close stance wearing weight lifting shoes. I'd go as far as to say that for me (as I'm 6.2 foot tall with a history of lower back problems as I mentioned) it may even be better than regular squats as I can work my legs harder in the squat position as my individual body structure causes me to have to terminate a set of regular squats due to lower back fatigue, not thigh fatigue.
With an injured lower back it is now irrelevant how beneficial the back squat is, as it is no longer an option, IMHO this is the best alternative and still works well for me now.
I have sought chiropractic treatment and now use front squats which I find to be excellent, though I still use the belt for wide squats, I believe the belt squat, if you can get the hang of it is one of the most underrated leg exercises, most people don't ditch it because it doesn't produce results , they ditch it because they can't find a comfortable set up,