It will do good... you only just need to repoint and expand the effects table until 255, and you will be fine (no limiters to be changed). And, you also need to edit the pointers on the table (214th-255th slot) which leads to a battle script for effects (BSP "Battle Script Pro" is one easy tool to edit battle scripts, effects, and pointers in the effects table).
Even if you only expanded effects but not expanding moves, it will work though since that it is literally "attacks" and literally "effects" (they are separated though and very very different). In each attack, you just need to set an effect number to it (BSP and PGE are accurate in setting effects to attacks). Not to worry about having a lot of moves in one effect because it only cares its effect in battle (example: Pound, Tackle, and Scratch having the same effect number so they will have the same effect in battle... or Flamethrower, Fire Punch, and Will-o-wisp having the same effect number so they will have the same effect in battle). :)