Yes, it will work, that is the idea behind BT. However, you also have to take into consideration that BT works well as long as people keeps their BT client (or BT-powered Updater in this case) open for the "decentralized" downloading to work. If only a few keeps it open, worst, no one keeps it open, then we're still back to getting the files from one source, which is no different than a centralized repository.
It is a good idea, no question about that, but BT works as long as there are sources keeping their BT client running.
And as a gamer, #1 rule - shutdown all bandwidth eater applications. In other words, no BT when playing.